Client owned a personal home 12 years, then rented for less than 3 years then sold. How do I get Lacerte to accept sale as personal home w/ proportional gain and recaptured depreciation.
I dont use Lacerte (ProSeries), ProSeries has a knowledge base article
"Sale of a Rental That Qualifies for Home Sale Exclusion"
Sorry for the large text, I copied/pasted.........with this article is a walk-through of how to handle it. I would imagine Lacerte has something similar.
Sorry could not post a link for you. Maybe someone familiar with Lacerte can help.