Lennyv
Level 1
06-26-2020
10:18 AM
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Second home was rented from 1998 to 2009, not rented thereafter until sold in 2019. How should this be reported on proseries?
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Level 15
06-26-2020
10:46 AM
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Youve chosen ProConnect Tax Online as your product, but you mention ProSeries, so which product are you using?
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Lennyv
Level 1
06-26-2020
01:13 PM
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proseries, my error
Level 15
06-26-2020
01:23 PM
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You'd use Sch D but you'll need to adjust (decrease) the basis by the deprecation that was taken back when it was a rental. If you end up with a loss, it wont be deductible since it a second home.
I "think" if you use the Homesale worksheet and answer the questions (and use the adjustment to basis worksheet to enter the depreciation) it will limit the personal loss automatically, if you use Sch D you have to limit it manually.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪