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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Rentals converted to family use for minimum rent/suspended losses
Rentals converted to family use for minimum rent/suspended losses
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kayf
Level 2
02-13-2023
01:21 PM
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client has 3 rental that he had been renting at market value.
He had suspended losses because of his high income.
He is now letting family members stay in the rentals for minimum ($400. $500, $600 month) rent.
How do I treat this? Continue to report on Sch E with no depreciation and no expenses? Mark them "sold" for 0?
What happens with the suspended losses now? ($74,670)
Am I right to enter the property taxes on his schedule A? And the one mortgage as second home interest?
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