asparrow08
Level 2
04-15-2020
07:28 AM
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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?
Best Answer Click here
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TaxGuyBill
Level 15
04-15-2020
09:54 AM
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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
04-15-2020
10:15 AM
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Thank you, that seemed to work!
