Vacation Home Carryover for Depreciation

Forum|Forum|6 years ago
June 20, 2020
1 reply
16 views

Hi. I have a 2017 Tax Return that has Capital Loss Carryover on their Schedule E Rental Property. The Carryover is $28,302 and I cannot find where to enter this information on the return. I have entered the Depreciation of all items (27) and the system is showing a Prior Loss of $0, rather than the $28k. Where do I input this?

Lacerte Tax

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TaxGuyBill

Level 15

@TaxAdviceGuys wrote:
Hi. I have a 2017 Tax Return that has Capital Loss Carryover on their Schedule E Rental Property. The Carryover is $28,302 and I cannot find where to enter this information on the return. I have entered the Depreciation of all items (27) and the system is showing a Prior Loss of $0, rather than the $28k. Where do I input this?

You need to clarify what you mean. Your title says "Depreciation Carryover". Your question says "Capital Loss Carryover". But neither of those make much sense.

Do you mean a Passive Loss Carryover?
Is this a home that is used for both personal and rental use (subject to the "vacation home" rules)?
Please give as much detail as possible. The more information you provide, the more likely somebody can help you.

TaxAdviceGuysAuthor

Level 2

Hi TaxGuyBill,

Yes, Sorry about that. Okay, so I have a Vacation Rental Property that is used as both a Rental and a Vacation Home (Vacation Home Rules). In 2016, they used Turbo Tax and filed themselves, which they have provided me a copy of. The Prior Depreciation for this Rental Home is the $28k that I mentioned earlier and I cannot find where to input that number into Lacerte. I have entered all Depreciation items into screen 22 and have the correct amount entered there for Prior Depreciation. I have looked on screen 18 (Sch E) and cannot find a place to enter Prior Year Depreciation as a Capital Loss Carryover.

I understand that this Rental is subject to the Vacation Home Rules, but for the life of me cannot figure out what I am doing wrong with the Depreciation, so that the Worksheet will include the depreciation amount as a prior year capital loss amount. Am I not entering this correctly?

Any and all help would be greatly appreciated.

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TaxGuyBill

Level 15

It's not a "capital loss carryover".

*IF* there were losses that were not able to be used in previous years, it is a "vacation home" carryover. And that "vacation home carryover" is probably composed of two separate entries; one for depreciation and one for other stuff. So I suspect what you are actually looking for is the "vacation home carryover" for depreciation.

Unfortunately I'm a ProSeries user so I can't point you to the exact screen in Lacerte. But hopefully now that you know the correct terminology to look for, you may be able to find it. Or perhaps a Lacerte user may come along and tell you which screen it is on.

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