California 2010: Real Estate Professionals
Updated: 7/28/2011
Article ID: SLN53295
Certain customers, who are real estate professionals, may not have received the special allowance of up to $25,000 for rental real estate losses.
TurboTax has fixed this issue.
How to tell if you may be impacted:
You may be affected if ALL of the following are true:
- You filed a 2010 federal return prior to March 10, 2011 AND
- You are a real estate professional AND
- Your California Schedule E Worksheet does not have Box G, Active Participation, checked and it should be AND
- Your California Schedule E Worksheet Line 22 reflects a loss (is less than zero)
If you are affected, you may have overpaid your state tax. You will need to amend your state tax return.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the California: Real Estate Professionals
Solution
Let us do the work for you. We highly recommend this.
- Please download and print this Authorization Form.
- Complete the form and fax it to us at the number printed at the top of the form.
- Note: After we receive your completed authorization form, please allow up to 15 days to amend your return.
- You can print, sign and mail the corrected return to California.
Or you can make the corrections yourself. However, the amend process can be complex.
- To do it yourself, please follow these step-by-step instructions.
- After you make the changes to your tax return, you will need to mail a copy to California.
- If you need assistance, call us at the phone number in the TurboTax email.
