@vtdrevil wrote:
In a response to another question on the forum, I read that Turbo Tax wasn’t set up well to report the sale of a condo when FMV at the time it was converted to a rental was lower than original cost,
but from other questions, it looks like I should be able to do it if I report it as a sale of business property.
Correct.
Maybe. If you have GAIN using the Adjusted Cost Basis (after factoring in depreciation and other adjustments to Basis), you can MANUALLY enter it in the "Sale of Business Property" section. Do NOT enter the sale in the rental section (say "yes" to the "Special Handling" screen when going through the "assets").
If you do NOT have a Gain when using the Adjusted Cost Basis, the program is of no help, and can be quite misleading and give you REALLY wrong results.
