Many thank yous Michael for confirming it is OK to use this method! Unfortunately, last year an accountant did my taxes so amending the tax returns would be painful. At least with this method I can show that I did sell my rental at a loss and not pay additional taxes on the sale.
Could you by chance help me understand how to dispose of the car I used with the rental property as I can't find any previous questions. If I enter in that I put the car back into personal use on the day I sold the rental property Turbo Tax is saying that I will have to "report some recapture" It directs me to go to Sale of Business Property. Is this what I should do? I still use the car with my consulting Schedule C business. Thank you again!
