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I am converting a rental to personal use as of 1/31/2017 and then I sell the same property as of 12/31/2017. How do I enter this in Turbotax?

 
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Coleen3
Intuit Alumni

I am converting a rental to personal use as of 1/31/2017 and then I sell the same property as of 12/31/2017. How do I enter this in Turbotax?

Since you converted in 2017, you would proceed through the Rental Section, even if it was only one month. In the screen shot below (update to 2017, the screen is the same), you will select two options. 

SOLD: I sold or disposed...

CONVERTED: I converted this property from a rental to a personal in 2017.

Continue through the entire rental section. The program will ask the questions about sales price and recapture the depreciation taken. 

(See the attached screenshot below. Click to enlarge.)

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1 Reply
Coleen3
Intuit Alumni

I am converting a rental to personal use as of 1/31/2017 and then I sell the same property as of 12/31/2017. How do I enter this in Turbotax?

Since you converted in 2017, you would proceed through the Rental Section, even if it was only one month. In the screen shot below (update to 2017, the screen is the same), you will select two options. 

SOLD: I sold or disposed...

CONVERTED: I converted this property from a rental to a personal in 2017.

Continue through the entire rental section. The program will ask the questions about sales price and recapture the depreciation taken. 

(See the attached screenshot below. Click to enlarge.)

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