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Tonys
Level 1
April 22, 2020
Question

Convert Primary Residence to a Rental

  • April 22, 2020
  • 1 reply
  • 5 views

What steps do I need to take in Proseries to convert a primary residence (Jan-Oct 2019) to a rental (Nov 2019 to current)?

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1 reply

IRonMaN
IRonMaN
Level 15
April 23, 2020

Create a schedule E and create an asset worksheet using the lower of cost or market value.  Don’t forget to factor in the cost of land.

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