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Level 3
September 25, 2020
Solved

Rental property switched to personal use

  • September 25, 2020
  • 4 replies
  • 49 views

TP moved back into their rental property in 2019.  I marked the date of disposal in the asset screen.  I did not enter a sales price.  I have days rented and personal days used entered on the worksheet.  The rental loss is flowing through to the return, even though their income is too high to take a rental loss.  What am I missing to make this a suspended loss?  Interestingly, it's not taking all the suspended losses, indicating a complete disposition.  But the loss for the year is calculating and going to the 1040.  What am I missing?

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Best answer by Just-Lisa-Now-

You shouldn't have any personal days UNLESS they used it for personal reasons while it was a rental.

If while it was a rental, they did not use it personally, youd have 0 personal days showing on the Sch E worksheet.

You dont enter personal days AFTER it converted to personal use.

Try changing personal use days to zero and see what happens.

4 replies

Just-Lisa-Now-
Intuit Community Champion
September 25, 2020

You shouldn't have any personal days UNLESS they used it for personal reasons while it was a rental.

If while it was a rental, they did not use it personally, youd have 0 personal days showing on the Sch E worksheet.

You dont enter personal days AFTER it converted to personal use.

Try changing personal use days to zero and see what happens.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
sheri414Author
Level 3
September 25, 2020

You are the bomb!  I've been on the phone with Pro Series tech support for 40 minutes while they look at my sanitized file and try to figure it out.  That did it.

Intuit Community Champion
September 26, 2020

You’re going to have to suspend the depreciation of the assets. 

If at first you don’t succeed…..find a workaround