- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
@Carl I meticulously did the math yesterday the long way and did the crazy allocation for the cost and sale expenses, took forever, then i realized the whole rental section doesn't even bother asking what the total price sold is, it only asks for the principal downpayment and payments made in 2019.
then i got to the Installment Sales section and it seemed like i could've skipped all that if i did not indicate it was sold while in the Rental section but later indicated it was sold in Installment Sales area instead coz it seems like only in the standalone Installment Sale's section does it asks for both principle paid this year and overall total sale $.
On the property profile section, I actually didn't chose "sold or disposed of in 2019" from the beginning coz the note section says "Do not check this box if the disposition was reported using the installment method, until the final year of payment." instead I chose "none of the above" and only indicated that it was sold/disposed of within the individual asset's profile, but i'll go back and change it to converted to personal use.
regarding "date converted to personal use" is that the day it was sold, or day last renter moved out?
"Don't worry about the amount in COST OF LAND, as it's already included in COST" - So none of the assets will have a value in the Land Sales Price and Land Sales Expenses right?