- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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.
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.
‎June 4, 2019
3:00 PM