I have a disposition of a rental with a significant gain which made his income high. Proconnect is not allowing the loss even though he sold the property.
I have a disposition of a rental with a significant gain which made his income high. Proconnect is not allowing the loss even though he sold the property.
Client previously did not take depreciation. Prepared form 3115 and added the depreciation as a misc expense. This made his rental income a loss this year. I made sure that the depreciation was linked to the property that was sold. Is there something else I need to check on Sch E to allow the loss?
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