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Get your taxes done using TurboTax
@Carl You wrote: it won't affect anything, even when you report the sale of that land on next year's tax return
When I looked at TTax for the Land Asset, Special Handling, "Convert to 100% Personal Use", the "Learn more" box says "If during the time you used the asset for business your percentage of business use was less than 100%, you will have two sales to report".
Is this going to apply to my situation of selling non-depreciable land in 2023? Or is my situation specific enough that this is not applicable. As a converted asset I presume next year it will be reported in the Investment Income section.
If I have to report it twice then it seems like converting it has no advantage, or am I missing something?
Thanks again for all the help and tips