Bought rental house for daughter and her friend 1/22/16 ... FMV rent from then until 4/30/17. Daughter died 4/8/17. Allowed friend to rent for 3 months, 5/1 - 7/31/17, at 1/2 previous rent. House for sale 8/1/17, sold on 12/8/17. I never lived in the house myself, but it seems I need to classify 5/1 - 7/31 as "Personal Use". I also did TT depreciation for 2016.
In doing the "Sale of Property" in the Business section of TT, I seem to be directed to enter the date of conversion to Personal Use instead of the actual sales date. When I do this, I have a hard time figuring out how to enter the sales information for capital gain, etc.
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If you use the conversion to personal use option, TurboTax will take care of the depreciation recapture at the date of the conversion. You can use 04/30/17 as conversion date. You can then enter the sale as a sale of investment (second home). I am terribly sorry for your loss.
Here is how you enter the sale for investment property:
Open your return in TurboTax.
If you use the conversion to personal use option, TurboTax will take care of the depreciation recapture at the date of the conversion. You can use 04/30/17 as conversion date. You can then enter the sale as a sale of investment (second home). I am terribly sorry for your loss.
Here is how you enter the sale for investment property:
Open your return in TurboTax.
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