converting rental house to personal residence

Forum|Forum|6 years ago
March 5, 2020
2 replies
31 views

How do I save the passive loss carryover information for a rental house that has been converted to a personal residence?

Lacerte Tax

This topic has been closed for replies.

Best answer by George4Tacks

I use Screen 47 and record all the Passive Loss and depreciation information.

I would enter the depreciation date of sale, with no sales price, just as @itonewbie indicated.

Do not enter either 1= delete this year or 2=delete next year in the entry right above income. That will allow the Passive loss info to carry into next year, which will give you a nice summary at the bottom of the rental schedule next year. Next year record it in the notes, then delete the rental.

itonewbie

Level 15

In each of the assets, under Deposition, enter a date on the line for Date sold, disposed, or retired (MANDATORY) to retire the asset. However, I believe the asset retired will not be rolled over to subsequent years, so you probably need to keep the info as part of the carryforward notes.

---------------------------------------------------------------------------------Still an AllStar

M

marksmithcpaAuthor

Level 2

Thanks! I appreciate the help!

George4TacksAnswer

Level 15

I use Screen 47 and record all the Passive Loss and depreciation information.

I would enter the depreciation date of sale, with no sales price, just as @itonewbie indicated.

Do not enter either 1= delete this year or 2=delete next year in the entry right above income. That will allow the Passive loss info to carry into next year, which will give you a nice summary at the bottom of the rental schedule next year. Next year record it in the notes, then delete the rental.

Answers are easy. Questions are hard!

M

marksmithcpaAuthor

Level 2

Thanks very much!

itonewbie

Level 15

We appreciate you twice as much for the two thank you messages! 😊

---------------------------------------------------------------------------------Still an AllStar

Sign up

Login with SSO

Let's get you signed in

Login with SSO