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Business & farm
@RossMillikan When you sell a Rental Property, you still get to claim current year depreciation.
Did you receive a K-1 or 1099-S to report the sale? Or are you preparing a 1041 Trust Return?
If you have not been claiming Rental Income/Expenses, you would enter the sale as a 'Sale of Business Property' on Form 4797 for an ordinary loss.
If you have, click this link for info on How to Enter Sale of Rental Property.
Click this link for more info on Rental Property in Trust.
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March 5, 2021
12:01 PM