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converting rental house to personal residence

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Level 2

How do I save the passive loss carryover information for a rental house that has been converted to a personal residence?

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Level 15

I use Screen 47 and record all the Passive Loss and depreciation information. 

I would enter the depreciation date of sale, with no sales price, just as @itonewbie indicated.

Do not enter either 1= delete this year or 2=delete next year in the entry right above income. That will allow the Passive loss info to carry into next year, which will give you a nice summary at the bottom of the rental schedule next year. Next year record it in the notes, then delete the rental. 


ex-AllStar

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Level 15

In each of the assets, under Deposition, enter a date on the line for Date sold, disposed, or retired (MANDATORY) to retire the asset.  However, I believe the asset retired will not be rolled over to subsequent years, so you probably need to keep the info as part of the carryforward notes.

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Still an AllStar
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Level 2

Thanks!  I appreciate the help!

Highlighted
Level 15

I use Screen 47 and record all the Passive Loss and depreciation information. 

I would enter the depreciation date of sale, with no sales price, just as @itonewbie indicated.

Do not enter either 1= delete this year or 2=delete next year in the entry right above income. That will allow the Passive loss info to carry into next year, which will give you a nice summary at the bottom of the rental schedule next year. Next year record it in the notes, then delete the rental. 


ex-AllStar

View solution in original post

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Level 2

Thanks very much!

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Level 15

We appreciate you twice as much for the two thank you messages! 😊

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Still an AllStar