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Schedule E - Not Rented this Year/Fixed Assets

Forum|Forum|2 years ago
January 18, 2024
3 replies
20 views

I have a client with several Schedule E rental properties. They have very detailed fixed assets. For 2023, they were remodeling a property and did not rent it. Obviously days rented is zero and there is an error because rented days has to be over 15 to report. If I go to remove form it removes all the asset detail. This screws up next year and causes me to enter assets and accumulated depreciation.

Any suggestions how to deal with this error and allow this form to stay on or at least the assets? Thanks in advance!

This topic has been closed for replies.

Best answer by Just-Lisa-Now-

Cant you put days rented 0 days personal use 0 ?

T

Terry53029

Intuit Community Champion

Just put date sold, on the asset worksheet, date it was unavailable for rent, but do not fill out any other info

G

GeorgiaRe TiredAuthor

Level 4

I am not sure I follow. Putting Date Sold would trigger a sales transaction. Would this be a method to fake out the system? Sorry for not understanding.

Just-Lisa-Now-

Intuit Community Champion

Ive seen people say they set the assets to .001% business usage to keep them in the return but not generate any depreciation (so they dont disappear and you have to reenter them in future years when theyre placed back in service), so that may be an option as well.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

G

GeorgiaRe TiredAuthor

Level 4

The .01% is a great idea and fixes the error for the assets. Thank you.😁 I still have an error because days rented is below 15. I am not sure if this will make the return reject. Not sure what to do since removing the form still removes all the assets. 🤔 🤔

Just-Lisa-Now-

Answer

Intuit Community Champion

Cant you put days rented 0 days personal use 0 ?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

T

TaxGuyBill

Level 15

@GeorgiaRe Tired wrote:

Obviously days rented is zero and there is an error because rented days has to be over 15 to report.

As Lisa mentioned, are there any personal days? If there are no personal days, I didn't think it would give an error because there is NOT a 15 day requirement.

Just-Lisa-Now-

Intuit Community Champion

I tested it on a dummy return, 0 days rented and 0 personal days seems to be accepted without any errors.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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