Ruth1
Level 4
09-24-2020
08:38 AM
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This property has been a rental for a dozen years and continues to be so. Its just Covid that made the rental less than this past year.
I did think that you had a an option to continue as a rental as opposed to not acknowledging the income /expense under 14 days.
My real question is:
I input the property as with personal days of 42 and rental days of 7 and am wondering why I am getting the full loss from the SCH E plus carryovers. I generally trust what Lacerte does so I am trying to figure this piece out. Why is the software calculating the full loss plus C/O and allowing it on SCH 1?