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Where does turbo tax ask about RE professional determination

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Where does turbo tax ask...

Where does turbo tax ask about real estate professional determination? I need to remove it because I have W2 income and the audit meter is showing high.


 


Also, if I have NOL from several years ago when I was a real estate professional and did not have a W2, can I continue to carry forward even though I am not declaring myself as a real estate professional.

Submitted: 4 years ago.Category: Tax
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Answered in 1 hour by:
10/15/2013
Tax Professional: jgordosea, Enrolled Agent replied 4 years ago
jgordosea
jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3,161
Experience: I've prepared all types of taxes since 1987.
Verified
Greetings,

The real estate professional questions are part of the rental income section.
On the desktop version it may also be able to use the box next to Find (on the upper right) to enter real estate professional and click on Find to go to the section.

If there is still remaining NOL from a prior year it does continue to carry forward into each and every year until it is used (up to twenty years) regardless of real estate professional status or having a W2 in the succeeding years.
You can only carry an NOL forward IF you made the timely election when you filed your tax return or after you carried back two years.
For more on NOL carry forward see http://www.irs.gov/publications/p536/ar02.html#en_US_2012_publink1000177383

Please ask if you need more discussion or clarification.
Thank you.
jgordosea
jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3,161
Experience: I've prepared all types of taxes since 1987.
Verified
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