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Investors & landlords
@Carl wrote:
Claming 1 day rented with zero rental income is no big deal.
Yes, it is a big deal.
If a user enters the sale in the Rental Properties and Royalties section, the program will calculate depreciation for a period of time when the property was not available for rent. An example here would be where the property was sold on January 10, 2022, but not available for rent during the 2022 tax year. If the sale is reported on Schedule E in TurboTax, the program will calculate a half month worth of depreciation (from 1/1/2022 through 1/15/2022).
Again, the way to report this transaction (using these facts) is by entering it in the Sale of Business Property section.
‎January 17, 2023
6:53 PM