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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.
- "Revisit" the Rental topic
- "Edit" the Rental business
- "Edit" the "Property information"
- In the "General Information" section "Edit" the "Situation" area
- Be sure to select "Sold/disposed" and "Converted" tiles
- Select "From rental to personal use"
- Put in "Fair Rented days for 2021"
- Leave the personal use days blank (unless you lived in the home during the rental time)
- "Looks Good"
- Scroll to Assets
- "Edit" the asset (property)
- Identify the property
- Put in your purchase price and cost of land
- Date of purchase
- Check "Item was sold/disposed/converted..."
- Enter date of conversion
- "No" you have not always used for business
- Select "Personal use before..."
- Enter date you started as a rental
- Enter the percent of business use in 2021. (percent of year it was a rental)
- Confirm prior depreciation populated
- "Yes"
- "Done"
- Follow @DaveF1006 instructions given earlier to report the sale in "Sale of Home" section now.
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‎February 14, 2022
6:04 AM