All Forum Posts by: Jessica Ferraro

Ok, I'll restate and then clarify the issue: "I cannot see how or where to do that (described in post) on the IRS forms." Literally. I checked the box on Schedule E, but that doesn't give me any way to "pass the losses forward to the 1040." Nothing in instructions or line items mentions it or allows for it. I'm looking for the specifics. Line items on forms. Seems it would go through Schedule 1 before hitting 1040. But again, I don't see how or where to do this.

 I understand that. My question remains unanswered.

I DID consult a qualified professional and have said as much above. That's why I'm here asking. It's NOT on Schedule E as to how to carry losses forward. If so, please quote what both I and the tax pro apparently missed. I also explained that I qualify as a RE pro, so my losses aren't passive. That's why I think my losses aren't passive. Because they aren't.

Thanks for the well wishes.

 I'm self employed with other businesses; as I mentioned, real estate took priority last year and earned me RE pro status by IRS definition.

I also mentioned I stumped a tax pro. I have the Schedule E ready, but there's nowhere to carry the losses to to reduce SE income, which should be possible. The instructions, from my close review and consulting a tax pro, have not explained HOW to do this, though I can see it should be possible.

My question remains.

I’m happy for you, but it certainly doesn’t answer my question 

I'm self employed, but last year my duplexes took priority and earned me the distinction of meeting the IRS definition of a real estate professional. I'd like to take advantage, but I can't see how to do so. I have losses on my duplexes, as they're new and in the works, and I want those losses, which are not passive and should qualify as expenses against wages because of my RE pro status, to count against my self employment income. But I cannot see how or where to do that on the IRS forms. Any help out there?? Someone else come up against this themselves or working with a tax client? I've stumped a tax pro already...Thanks in advance for help.