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Investors & landlords
Yes, you are right. An "abandonment" should go on Part 2.
If the program lets you choose that it was "abandoned" and it were to put it on Part 2, that is ideal. However, the last I checked, the program did not do that. It may give an "abandoned" option though, so you should check if that is there and how it treats it.
In most cases, you will end up the with same tax result if it is put in Part 1. But you are right, there are some circumstances that it can change the effects so it should ideally be in Part 2. But as I said, unfortunately, the last I checked the program did not do it correctly (but perhaps that has changed).
‎January 24, 2025
9:48 AM