All Forum Posts by: Dave Luu

Dear All,

I have a question on my two rental properties: 

One property has a profit this year ($2k profit, but carry over loss is $30K); The other property is a loss ($4k loss, carry over loss is roughly $25K). 

Looks I have to report net income on SE Line 24 ($2k), but on Line 25, I cannot claim losses due to higher income (>$150K). This ends up $2K on Line 26 to pay tax.  

But on F8582, I already deduct the net income in the unallowed loss calculation (carry over loss for that property becomes -$30K+$2k=-$28k) on Part V and VII and VIII. It does not look my calculation is right (double taxation on the $2k net income?). I am wondering if the expert in this community has any advice. Thanks.