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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.
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.
Thank you for your guidance.
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