Solved
Sale of a home originally purchased to be a rental
My client purchased a house in July of 2019. The intent was to fix it up and then make it a rental property. After a year of doing the work themselves and seeing the crazy real estate market, they decided not to use it as a rental and sold it. I never took any deductions for it in 2019 or 2020 because it was supposed to be a rental and it was not in service yet. Now that they sold it, do I just use form 1099B to report the sale? And not dispose of it on Sch E because it was never in service?
Thank you in advance for your wisdom.
I can't wait for tax season to be over with this year, lol.
