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Sold rental Jan '18, $395K. Bought in Jul '10 as personal residence, $490K. Converted to rental Jul '12, FMV to start rental $450K. Passive Activity Loss. Where start?
Sold rental home in early Jan '18, $395K. Home was bought in Jul '10 as personal residence, $490K. Converted to a rental Jul '12, and FMV to start rental was $450K (residence $300K, and land $150K). I know the depreciation recorded on Schedule E which totals $74K to date. My Passive Activity Loss Limitation (Form 8582), is over $$130K. Where do I start entering the information into Turbo Tax?
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‎June 4, 2019
4:54 PM