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Investors & landlords
Can I still report this in Sale of Business Property?
Yes, you should since the SCH E section of the program has incorrect numbers in it, combined with the fact that you stated you have already figured the correct numbers.
What you do, is work through the SCH E first. Namely, the assets/depreciation section. You need to convert each asset to personal use, with a conversion date of the closing date of the sale. Then report the sale in the Sale of Business Property section using the correct amounts which you have already done the math to obtain.
March 11, 2023
4:48 PM