I have a client who was renting a home for several years and had carryover passive losses of over $100,000 and now moved back into the rental. What happens to the carryover passive losses as he has no other passive income and has no plan of buying another rental as he is retired now. On Drake if I delete the rental schedule E, the form 8582 also disappears. Client wants to show the carryover passive losses.
Any feedback on what I should. Do I have to show form 8582 if I have no rental activit? I am stuck on how to proceed with these suspended passive losses.
Thanks for help in advance
Any feedback on what I should. Do I have to show form 8582 if I have no rental activit? I am stuck on how to proceed with these suspended passive losses.
Thanks for help in advance
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