mburke-healthan d
Level 2
11-21-2023
12:24 PM
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Best Answer Click here
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George4Tacks
Level 15
11-21-2023
04:32 PM
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No. Enter the date of conversion as the date of sale of the assets attached to the Schedule E, but DO NOT enter a sales price. That will retire the assets.
Schedule E and any passive losses will carry to next year. You can then delete the Schedule E and figure out how to carry over the passive losses. I believe you need to just write yourself a note to remember to claim them when the property converts back to rental or is sold.
Answers are easy. Questions are hard!
sjrcpa
Level 15
11-21-2023
04:54 PM
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Technically, you're supposed to show them on the 8582 each year. But that means leaving the former rental property in the software.
The more I know the more I don’t know.
mburke-healthan d
Level 2
11-27-2023
03:38 PM
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Thank you for your guidance.