1707968
This year I make an exchange between my rental house and residential house. I input vehicle and fixed assets information for my both properties. It shows vehicle deduction and depreciation on vehicle summary and fixed asset summary but shows zero on property summary page. What's wrong with those two items?
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#1 error is the "personal use days" ... read that screen carefully ... once you CONVERT the property to a rental or visa versa your personal use days are ZERO ... review that section again ... and you will need to calculate the shared expenses yourself ... do not expect the program to do it for you in this unusual situation...
yes, I choose convert and input the personal use and rental use day.
Actually, I have little income and expense show normal. only vehicle and fixed assets show zero.
@cindychenhe74 wrote:yes, I choose convert and input the personal use and rental use day.
Actually, I have little income and expense show normal. only vehicle and fixed assets show zero.
As Critter pointed out, enter ZERO personal days. That is the correct way to do it, and it will likely solve your question.
There are two possible causes of this.
#!
Day of Personal Use - This is the number of days you lived in the property while it was classified as a rental. The period of time you lived in the house as your primary residence, 2nd home, vacation home or any other personal use, *WHILE THE PROPERTY WAS NOT CLASSIFIED AS A RENTAL* does *NOT* count for any thing. So the number of days of personal use would be ZERO on both properties.
Days rented - For the old property, the day count starts on Jan 1, 2019 and ends on the day the last renter moved out. Your date of conversion to personal use *MUST* be at least one day *AFTER* the last renter moved out.
For the new property, the day count starts on the first day a renter "COULD" have moved in. This day is normally the date you place the property "in service", as you are claiming that on that date a renter "COULD" have moved in. It doesn't matter if it took you three months to actually get a renter in their either.
#2
Business Use Percentage - Will be ONE HUNDRED PERCENT. During the time the property was classified as a rental, the property was "ONE HUNDRED PERCENT" business use. It must be, if you have ZERO days of personal use. What the property was used for while it was "NOT" classified as a rental, does "NOT" count for anything.
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