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Investors & landlords
FYI ... the Sch E should flow thru from the 2022 return and even if you did not rent the property at all in 2023 prior to the sale you MUST enter 1 day rental use (0 days used personally) to keep the Sch E on the return so you can report all the holding costs like usual and report 0 rent recieved. Any repairs made in 2023 (even improvements) will be added to the Sch E as repairs ... do not enter them as assets since you cannot depreciate an asset if placed into service and removed from service in the same tax year. Doing it this way will let you report the sale the easiest way possible in the TT system. The alternative method can be confusing at best. Do NOT enter the sale a second time later in the system ... skip that section completely if you have already reported the sale in the Sch E section and sold off all the assets already.