- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
If the rental house was not converted to personal use and it was simply listed for sale, then it is definitely business property. The fact that it was not rented in 2020 because it was made ready for sale does not change the status of the property.
It is correct to say the property was rented all year for the same reasons. The income for this property will be zero for 2020, but any expenses will be deductible, with the exception of sales expense which will be part of the sale entry in the asset. The other questions do not need to be answered if you select "yes" it was rented all year, as this is the correct response to handle the sale of your property correctly.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎January 17, 2021
4:44 PM