In the "Wages&Income" section of TT, it shows last year's (2019) carryover negative net income (took a loss). How do I indicate IN TT that the house was not a rental in 2020?
The first thing you do as you enter the rental section is see the rental set-up. In the screenshot below, you see the finished product.
Under Rental type and usage, you will see "Days Rented". That section allows you to show that you no longer have the property as rental. You will enter zero days and whether or not you even tried to rent it in 2020. It is important that you characterize its new status, whether converted to personal use, sold, gifted, etc.
Print all important records such as Form 8582 and its worksheets and Form 4562 and your depreciation worksheets. The program will ask you to delete the rental and you want all your documentation before you do that.
The first thing you do as you enter the rental section is see the rental set-up. In the screenshot below, you see the finished product.
Under Rental type and usage, you will see "Days Rented". That section allows you to show that you no longer have the property as rental. You will enter zero days and whether or not you even tried to rent it in 2020. It is important that you characterize its new status, whether converted to personal use, sold, gifted, etc.
Print all important records such as Form 8582 and its worksheets and Form 4562 and your depreciation worksheets. The program will ask you to delete the rental and you want all your documentation before you do that.
Hello ColeenD3,
You say, "as you enter the rental section". Although I've used TT for many years, I'm not sure how to "enter the rental section". What is my navigation to that section, please?
Best,
Nozzoliteratis