DianeW777
Expert Alumni

Investors & landlords

I understand and since you are selling the property this summer, I am inclined to agree with Rick19744 because you have the time to get it right, have it all ready to go with the 2024 tax return without rushing to get it done now.  It may even be easier to handle the sale and the change in accounting all at once in the year of sale.  

 

I also recommend a tax professional to assist with the change in accounting (Form 3115). Keep in mind that TurboTax Desktop must be used for this if you do plan to do it on you own.

 

Whatever you decide, it's your call.

 

@CubsCarol 

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