DMarkM1
Expert Alumni

Tax help for military filers

You are correct you will not enter any sales information in the Rental section.  You will however enter/verify the purchase and business use information in the Rental section.  This will calculate the depreciation for the part of the year it was a rental in 2021 and past depreciation that will be taxed due to the disposal of the property.    

  1. "Revisit" the Rental topic
  2. "Edit" the Rental business
  3. "Edit" the "Property information"
  4. In the "General Information" section "Edit" the "Situation" area
  5. Be sure to select "Sold/disposed" and "Converted" tiles
  6. Select "From rental to personal use"
  7. Put in "Fair Rented days for 2021"
  8. Leave the personal use days blank (unless you lived in the home during the rental time)
  9. "Looks Good"
  10. Scroll to Assets
  11. "Edit" the asset (property)
  12. Identify the property
  13. Put in your purchase price and cost of land 
  14. Date of purchase
  15. Check "Item was sold/disposed/converted..."
  16. Enter date of conversion
  17. "No" you have not always used for business
  18. Select "Personal use before..."
  19. Enter date you started as a rental
  20. Enter the percent of business use in 2021.  (percent of year it was a rental)
  21. Confirm prior depreciation populated
  22. "Yes"
  23. "Done"
  24. Follow @DaveF1006 instructions given earlier to report the sale in "Sale of Home" section now.

 

 

 

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