@Rick19744 wrote:
This is a confusing area, so just want to make sure the correct input figures are used for TT.
It is a confusing area and just to add a slight wrinkle, TurboTax does not handle this scenario particularly well.
For example, TurboTax will prompt users to enter the lesser of fair market value or original cost on the date of conversion to rental use but does not allow any adjustment (in the Rental Properties section) for calculating gain or loss upon a sale. Depending upon the selling price, users may have to enter the transaction in the Sale of Business property section (if available in their version of TurboTax) or use Forms Mode (if they are using a desktop version of TurboTax).
