- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
Since you never attempted to rent it at all in 2022, what you need to do is amend your 2021 tax return and convert the property and all of it's listed assets to personal use, with a conversion date of one day after the last renter moved out. Then print out the two form 4562's for that property, as you'll need them to report the sale on your 2022 tax return in the "Sale of Business Property" section.
The two form 4562's you will need to print from your 2021 return both print in landscape format. One is titled "Depreciation and Amortization Report" and the other is "Alternative Minimum Tax Depreciation". You will definitely need the first one for reporting the sale on your 2022 return. You will need the AMT Depreciation report only if the program specifically asks you for information pertaining to the Alternative Minimimum Tax Depreciation.