TP converted personal residence, owned since 5/2012, to rental property 3/1/2016 and wants to sell in late 2019.

Forum|Forum|6 years ago
December 7, 2019
1 reply
21 views

TP moved out of state for new job in 2016 and never lived in the property again. I don't think TP qualifies for partial exclusion because TP fails the 2 of 5 years use and residence test. The way I read the regs is that the TP would have had to sell by 3/1/2019 to be eligible for full exclusion. Please confirm. Regardless of exclusion eligibility, TP must recapture deprecation. Is there any trick to entering this transaction in Lacerte? Thank you.

Lacerte Tax

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Best answer by George4Tacks

It is pretty straight forward. You should be able to find what you need here https://accountants-community.intuit.com/articles/1861452-reporting-a-sale-of-home-on-an-individual-return

Sounds like you may also need to do a return for the state the property is in.

George4TacksAnswer

Level 15

It is pretty straight forward. You should be able to find what you need here https://accountants-community.intuit.com/articles/1861452-reporting-a-sale-of-home-on-an-individual-return

Sounds like you may also need to do a return for the state the property is in.

Answers are easy. Questions are hard!

P

pat11Author

Level 5

It's not straightforward at all. My main question is the exclusion eligibility. I have been through the page you posted and if a partial exclusion is allowed, the entry, as to number of days, is tricky. For me, anyway.

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