@Richbarbhamm wrote:
When I go to update the rental section this year, I indicate property was sold. On the sale of property/depreciation section I edited the asset for the condo itself with sold date (and all other assets). However, nowhere does it ask me to enter a sales price?
Many years due to our income level we were was not able to take all of the Loss allowed. It appears the program is taking this into consideration in the property profile. I want to make sure we have recapture unclaimed losses now that we are selling the condo.
When edit the "asset" and you check the box that it was sold, you should eventually get to a "Special Handing" screen. In most cases, the answer is "No", and then it will ask you for the sales information. In the event you are checking "Yes", what is the reason for the "Special Handling" that you are saying "yes"?
Yes, when you mark the sold box on the Profile section, that should release any Passive Loss carryovers. You can check to make sure they are appearing on your Schedule E.
