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In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
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- 2022 proseries basic apparent error vs proseries basic 2021 - residential rental converted into personal residence part year, days rented FMV vs days personal use, cannot enter days of personal use i...
2022 proseries basic apparent error vs proseries basic 2021 - residential rental converted into personal residence part year, days rented FMV vs days personal use, cannot enter days of personal use in Sch E worksheet
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wimada
Level 3
03-12-2023
10:46 PM
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2022 proseries basic apparent error vs proseries basic 2021 - residential rental converted into personal residence part year, days rented FMV vs days personal use, cannot enter days of personal use in Sch E worksheet
error states "days personal use cannot be greater than zero. You indicated this an owner-occupied rental property". Nowhere is this "indicated". 2021 proseries basic allowed a non-zero personal days use which then serves as the basis for the percentage allocation of mortgage interest, property taxes between Sch E rental and Sch A personal deductions
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TaxGuyBill
Level 15
03-13-2023
03:24 PM
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You've probably done this, but just in case ... have you checked of lines P and Q on the Schedule E worksheet accidentally got checked?
However, back up a bit. If this was a 100% rental (more than one year) and is now converted to 100% personal (no more rental), DON'T enter any personal days. Only enter the rental days with zero personal days, and then MANUALLY prorate the shared expenses for the year.
wimada
Level 3
03-21-2023
04:52 PM
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I can't up vote your solution & have posted a comment that you're a level 15 for good reason! Your suggestion was absolutely right on. Thanks so much.
