Hi Paula,
So many thanks for explaining this to me -- so much apprecaited!! No wonder I couldn't connect 1099-S to the rental property sale because it is not needed to be entered. But then how IRS would know if I make money or loss from this sale?
While I put down the sale date in 2023, the depreciation is prorated. One item I am still not able to understand, may I ask what does it mean "Prior AMT depreciation"? It automatically gives me a fixed number that seems to be the total depreciation over the years?
I did not do the depreciation at the beginning years (I did not know that I need to do so), then I did amendments in 2022 for 2018, 2019, and 2020 to add depreciation; however, I only received 1 letter from IRS in Dec 2022 that they had received it, then never heard from them any more (it's been 2 years now). i.e., can I deduct those 3 years from the total depreciation over the years? Is that what "Prior AMT" mean?
So many thanks!
