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Updated almost 2 years ago,
Carryover passive losses
Hi everyone,
Our partnership files a 1065 for passive real estate income. In the past we've always reported passive losses on our real estate investing activity. This year (2022 tax return) we are reporting passive net income for the first time. Can we use previous years' passive losses to offset this year's income? If so, where is that reported? The only place I could see was maybe on the Form 8825 on line 15 as part of "other" rental real estate expenses. Is that correct, or is there somewhere else to apply carryover passive losses? Or, alternatively, do we need to report net income and then apply carryover passive losses on our personal tax returns? Thanks in advance for any help!
Andy