California Passive Losses

Forum|Forum|5 years ago
February 23, 2021
1 reply
23 views

I can't get Lacerte to deduct real estate losses in California for real estate professionals, with income over $150K. Is this not deductible in 2020?

Lacerte Tax

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abctax55

Level 15

Were you able to get Lacerte to deduct it in 2019?

HumanKind... Be Both

F

facciniAuthor

Level 2

Yes, lacerte deducted in 2019.

I've checked the boxes:

not a passive activity

actively participated in real estate

real estate professional

number of significant participation hours 500

Lacerte deducts federal , but for California, just adds to previous years passive losses

abctax55

Level 15

A. Purpose

Individuals, estates, trusts, and S corporations use form FTB 3801, Passive Activity Loss Limitations, to figure both of the following:

Allowable California passive activity loss (PAL).
Adjustment you must make to account for any difference between your California PAL and your federal PAL.

Generally, California law is the same as federal law concerning PAL limitations. However, differences, such as the special treatment for real estate professionals (as described in General Information) may cause your California PAL to be different from your federal PAL.

HumanKind... Be Both

A. Purpose

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