diff --git a/arch/x86/kvm/x86.c b/arch/x86/kvm/x86.c
index f781ba5d421d..7bfc037022ad 100644
--- a/arch/x86/kvm/x86.c
+++ b/arch/x86/kvm/x86.c
@@ -9134,13 +9134,20 @@ int kvm_check_nested_events(struct kvm_vcpu *vcpu)
 
 static void kvm_inject_exception(struct kvm_vcpu *vcpu)
 {
+	/*
+	 * Suppress the error code if the vCPU is in Real Mode, as Real Mode
+	 * exceptions don't report error codes.  The presence of an error code
+	 * is carried with the exception and only stripped when the exception
+	 * is injected as intercepted #PF VM-Exits for AMD's Paged Real Mode do
+	 * report an error code despite the CPU being in Real Mode.
+	 */
+	vcpu->arch.exception.has_error_code &= is_protmode(vcpu);
+
 	trace_kvm_inj_exception(vcpu->arch.exception.nr,
 				vcpu->arch.exception.has_error_code,
 				vcpu->arch.exception.error_code,
 				vcpu->arch.exception.injected);
 
-	if (vcpu->arch.exception.error_code && !is_protmode(vcpu))
-		vcpu->arch.exception.error_code = false;
 	static_call(kvm_x86_queue_exception)(vcpu);
 }