Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Reporting sale of converted rental property with no gain/loss

asparrow08
Level 2

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?

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Best Answer

Accepted Solutions
TaxGuyBill
Level 15

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.

View solution in original post

2 Comments 2
TaxGuyBill
Level 15

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.

asparrow08
Level 2

Thank you, that seemed to work!

0 Cheers