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asparrow08
Level 3
April 15, 2020
Solved

Reporting sale of converted rental property with no gain/loss

  • April 15, 2020
  • 2 replies
  • 22 views

I have a situation with the sale of a rental property that was converted from personal use in 2015.  Due to the basis rules when the property was converted, there is no gain or loss.

How do I report this sale within ProSeries?

This topic has been closed for replies.
Best answer by TaxGuyBill

In the disposition section of the Asset Entry Worksheet, there is a line for 'Basis if different'.  I would enter (1) the amount on the 1099-S, PLUS (2) total depreciation.  When you do that, it should show a $0 gain/loss.

2 replies

TaxGuyBillAnswer
April 15, 2020

In the disposition section of the Asset Entry Worksheet, there is a line for 'Basis if different'.  I would enter (1) the amount on the 1099-S, PLUS (2) total depreciation.  When you do that, it should show a $0 gain/loss.

    asparrow08Author
    Level 3
    April 15, 2020

    Thank you, that seemed to work!

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