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Suppose a taxpayer converted a rental to primary home, the depreciation information will be needed later when she sells the home. However, proconnect cannot keep the depreciation without computing depreciation which is no long eligible.
There are two dates involved: one is retired date when the home is no longer a rental, and the other is sold date when the property is finally sold. The depreciation schedule has only one sold / retired date which cannot be earlier then current year.
As a result of this defect, after many years when the property is sold, we have no prior year accumulated depreciation amount in the software which is needed to compute the capital gain. I hereby request Intuit to address this defect. Thanks.
PS: the information is needed when the taxpayer starts to rent again later in the year.
--<br />Click <a href="https://proconnect.intuit.com/community/proconnect-tax-idea-exchange/request-a-case-management-tool-...">this link</a> to vote. Like many good things in life, we have to fight for them.
Click this link to vote. Like many good things in life, we have to fight for them.
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No, besides other things that thread serves as a confirmation that it is impossible to maintain an entry without generating depreciation, rendering this 'idea' a request for enhancement.
Click this link to vote. Like many good things in life, we have to fight for them.