How do I handle a trust rental property that is no longer being rented but not sold until next year?

Forum|Forum|4 years ago
March 18, 2022
1 reply
18 views

I'm preparing a 1041 for a trust that has rental property that hasn't been rented since August 2021. The property was sold in March 2022.

I know that I can enter the August 2021 date as the disposition date on the Asset Entry Worksheet and not include a sales price. However, the instructions say that the asset won't transfer to 2022.

If the asset doesn't transfer to 2022 then how will PS report the sale of the property on the 2022 tax return? Also, there are suspended losses on the property.

How will the sale and the suspended losses be handled when preparing the 2022 1041 in PS?

Thank you.

ProSeries Professional

This topic has been closed for replies.

Best answer by Just-Lisa-Now-

as long as you dont check Box H on the Sch E worksheet, it will still be there for 2022 along with teh suspended losses. You may have to reenter the asset on the 2022 return if you want to use the asset entry worksheet for the sale, rather than making the entries manually for the sale.

Just-Lisa-Now-

Answer

Intuit Community Champion

as long as you dont check Box H on the Sch E worksheet, it will still be there for 2022 along with teh suspended losses. You may have to reenter the asset on the 2022 return if you want to use the asset entry worksheet for the sale, rather than making the entries manually for the sale.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

D

david3Author

Level 7

Thank you, Lisa.

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