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- 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.
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jkbuxton33
Level 2
02-12-2022
01:49 PM
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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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