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How do I save the passive loss carryover information for a rental house that has been converted to a personal residence?
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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.
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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!
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Thanks! I appreciate the help!
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Thanks very much!
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We appreciate you twice as much for the two thank you messages! 😊
Still an AllStar
