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Investors & landlords
You can not report this sale in the SCH E section of the program, all because the cost basis used for depreciation is not the cost basis you will use for reporting the sale.
First, work through the SCH E section and convert the property *and* all it's assets to personal use, with a conversion date of the closing date of the sale. This is the only way you can get the total amount of depreciation taken on all assets. You will need this when reporting the sale.
While working through the assets/depreciation section to convert all the assets to personal use, (I can't stress this enough) READ THE SMALL PRINT! It "will" matter so that you are not asked for sales information in the SCH E section of the program.
You will report the sale in the "Sale of Business Property" property section, using the original cost basis, plus the cost of any property improvements you did during the entire period you owned the property.