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I have a passive activity loss carryover from 2015. I sold…

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I have a passive...

I have a passive activity loss carryover from 2015. I sold the rental in Jan 2016 and read in the instructions that if you dispossed of your entire interest in the passive activity you could claim the entire loss. But it did not say where It said record "on the usual form." Do I claim it as deduction on calculating the gain, or what>

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Not that I that I can think of. I read the instructions for form 8582, and have a Ph.D. but still can't figure it out

Submitted: 7 months ago.Category: Tax
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10/5/2017
Tax Professional: Stephen G., Sr Income Tax Expert replied 7 months ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
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Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.

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Tax Professional: Stephen G., Sr Income Tax Expert replied 7 months ago

Well, don't feel too bad. Albert Einstein famous quote is "There's nothing as complicated as the Income Tax".

Once you complete Form 8582 claiming the full loss due to a complete disposition of the property, you enter the loss on Schedule E, Page 1, Line 22:

22 Deductible rental real estate loss after limitation, if any, on Form 8582 (see instructions)

Let me know if you have any follow-up questions.

Please remember to rate my response as that is the only way the site will credit me for assisting you today.

Thanks very much,

Steve G.

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