TaxGuyBill
Level 15
03-24-2024
11:19 PM
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Correct, the 2024 return will not show the rental. There is no need to show it disposed on the ACTUAL 2023 tax return.
But you do need to dispose of the Assets in the 2023 software to get the correct amount of depreciation. On the Asset Entry Worksheet, enter the date it was gifted, but leave the sales price BLANK. That will stop the depreciation.