How does the passive loss carryover if client converts rental to personal residence?

Forum|Forum|4 years ago
March 21, 2022
2 replies
14 views

Client has passive loss carry over on several residential rentals. Client converts one of the rentals to personal residence. How do I keep the loss carryover if I delete the rental worksheet? Software will not let me show zero days of rental on the worksheet.

ProSeries Professional

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T

TaxGuyBill

Level 15

ProSeries can't do it correctly.

You may consider keeping the fictitious rental property listed, with zero income, zero depreciation and zero expenses. You may need to enter 15 rental days to get rid of the error.

P

pwilson13

Level 3

I have a similar question, how do I carry over passive losses on a rental property that was converted to personal use, when that was the only passive activity?

T

TaxGuyBill

Level 15

Your question is the same, so the answer I gave above is the same.

P

pwilson13

Level 3

I did try your suggestion, but the result was that the losses were allowed, yet there was no passive income during the year. In the other scenario there is still passive activity.

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