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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Rental Properties - 100% Personal Use
Rental Properties - 100% Personal Use
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GodFather
Level 8
03-22-2022
07:55 AM
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New Client has two rental properties. Has owned them for several years and have been included on her tax returns as rental's showing no income or expenses. Her children live in both rentals, so it's all personal use. How can this be entered in ProSeries? When I attempt to enter zero ion Schedule E n "Days rented at fair rental value" I receive an error stating the field must contain at least 15 days or no income or expenses should be entered on Schedule E. I don't plan to enter any income or expenses but depreciation is being calculated. I would appreciate any input.
Thank you.
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4 Comments 4
IRonMaN
Level 15
03-22-2022
08:34 AM
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Zero rents is even less than fair value. Save the old depreciation schedules for basis purposes in case he ever sells the properties and delete all traces of schedule E from the return.
Slava Ukraini!
TaxGuyBill
Level 15
03-22-2022
11:04 AM
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Are the kids paying Fair Market Rent? If not, as you said, they are personal properties, NOT rental properties.
Did they USED to be rental properties? If so, are there unused Passive Loss Carryovers?
GodFather
Level 8
03-22-2022
12:36 PM
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I appreciate the replies to my post. I'll look into this more but I do not believe the properties were ever rented. The originally preparer entered them as a rental. Based on what I know, they have never been rented. I'm going to follow IRonMan's suggestion for the time being and just place 12/31/20 in the date field in the disposition section. It's all personal use, they really are not rental properties as you stated.
Thank you again.
