chuckcobb
Returning Member

Investors & landlords

I'm still having difficulty matching your descriptions to what I see in TurboTax.  I have the Premier edition.  I noticed in the images that you shared that they are from the "Home and Office" edition.  Perhaps that is the difference.

I have figured out what I need to do to convert this rental property to personal use.  In the step-by-step questions, there is a question about that.  When I answer that question that I did convert it to personal use and I answer another question that I didn't try to rent it at all in 2016, it removes Schedule E from the return altogether and the effect of that is to erase any passive loss carryovers from the form 8582 so I will lose that information when I sell the house in a future year.

It would be nice if there was a way to preserve that information in TurboTax so that it would be carried over in future years until I sell the house but it sounds like that there is no way to do that and I need to manually preserve the information and re-enter it into TurboTax at the time I sell the house.  Is that correct?

I have printed out a copy of the depreciation history.  What else do I need to preserve in order to re-enter this into TurboTax in a future year that I sell the house?

PS  This seems like a very cumbersome way to have to recreate all this information in a future year that I might sell the house.  It would be nice if TurboTax had a way to preserve this information even though it may not be reported to the IRS.