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D
DWH2021
Level 1
February 5, 2021
Question

How do you record sale of residence that was a rental property in ProSeries

  • February 5, 2021
  • 1 reply
  • 21 views

How do you record sale of residence that was a rental property in ProSeries.  The property was a rental the first 3 years and a residence over the last 3.5 years.

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1 reply

T
TaxGuyBill
February 5, 2021

Enter it on the "Home Sale Worksheet".

Read through it carefully.  You will need to enter the depreciation, as well as then number of days of ownership and number of days it was the Principal Residence (due to "Nonqualified Use" during the rental period, the home sale exclusion will only cover part of the gain).

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