How to handle loss on sale of condo used part of year as rental income and part of year as vacation/personal property.

[gradner]

Have calculated basis but not sure if I can take the full loss? Have been using it as partial for both over the last 2 years.

[Anita01]

You would need to enter this under the Rental property interview, where the program will figure the basis and loss for you.  Go to Federal Taxes, wages and income, rental property

[gradner]

Do I add the sale as a new asset under the Your Property Assets section?

[Anita01]

No, the sale is not an asset at all.  Assets are, rather , the property you sold.  You will indicate that the property was sold in a screen early on.  Later, you will edit each asset to enter the sale price, etc..

[gradner]

Got it. What if percent of rental/personal use was different in each year?

[gradner]

Also, for percent rental use I have 25% of year (one quarter) but I sold the property mid-year so should that be entered as 50% (50% of the half year that I owned it)? Thank you!

[Anita01]

That only affects the year of sale for the year's expense allocations, because, when you come to the prior year depreciation taken, you an actually enter the total prior years of depreciation and the program will only add the current year's based on the current year usage percentages.

[Anita01]

yes, 50%