Schedule e reporting

Forum|Forum|7 years ago
June 1, 2019
1 reply
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I moved into my rental in June 2016. I have prior neg rental losses report in 2015 rollover where do I report my rental turning into primary residence at which form Schedule E?

TurboTax Premier Online

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If you moved into your rental and made it your personal residence in 2016, you need to divide up your expenses. Identify the expenses you incurred while it was a rental versus the expenses you incurred while it was your home.

In order to indicate that within TurboTax, please see the following:

Federal Taxes
Wages & Income
Rental Properties and Royalties
Review You __Rental Summary
Property Profile, Click Update
You will continue until you see a screen that states "Do Any of These Situations Apply to This Property?"
You will look for the Converted section, check the box, I converted this property from a rental to personal use in 2016

Please see the attached photo.

Anonymous

Answer

In order to indicate that within TurboTax, please see the following:

Federal Taxes
Wages & Income
Rental Properties and Royalties
Review You __Rental Summary
Property Profile, Click Update
You will continue until you see a screen that states "Do Any of These Situations Apply to This Property?"
You will look for the Converted section, check the box, I converted this property from a rental to personal use in 2016