jenbenroth
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It's the best way I know of to do it and it is the way I ended up filing it in my 2020 tax return. I agree it seems odd that you need to create a rental that ha...
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No I would not do it that way. These are taxed at different tax rates. An adjustment to your basis would result in an impact to your capital gains taxes. Your P...
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@AmeliesUncleI figured out that for California I needed to reenter some information for the sale in the state area within TurboTax. My state return is now picki...
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@DianeW777@AmeliesUncleI found this IRS Memo. Based on this it is my understanding that I can recognize the PAL in the year of sale. I do have other income for ...
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@AmeliesUncleThank you again. Could you provide the IRS guidance # or how I can look it up? The link you posted for the guidance goes to a "Page not found". Tha...
Activity Feed for jenbenroth
- Posted Re: Passive loss carryover on property converted from rental to Primary residence then sold on Investors & landlords. May 5, 2021 1:58 PM
- Posted Re: Passive loss carryover on property converted from rental to Primary residence then sold on Investors & landlords. May 4, 2021 9:41 AM
- Cheered Re: Okay, Rental Property - 2010 thru 2013 converted to perso... for DianeW777. March 8, 2021 6:43 AM
- Posted Re: What happens to the passive loss carryovers from our rental property if we change the property from rental to our primary home? on Investors & landlords. March 7, 2021 4:02 PM
- Posted Re: Okay, Rental Property - 2010 thru 2013 converted to perso... on Investors & landlords. March 7, 2021 3:53 PM
- Posted Re: Okay, Rental Property - 2010 thru 2013 converted to perso... on Investors & landlords. March 7, 2021 2:47 PM
- Posted Re: Okay, Rental Property - 2010 thru 2013 converted to perso... on Investors & landlords. March 7, 2021 9:56 AM
- Posted Re: Okay, Rental Property - 2010 thru 2013 converted to perso... on Investors & landlords. March 7, 2021 9:26 AM
- Posted Re: Okay, Rental Property - 2010 thru 2013 converted to perso... on Investors & landlords. March 7, 2021 5:31 AM
- Posted Re: What happens to the passive loss carryovers from our rental property if we change the property from rental to our primary home? on Investors & landlords. March 5, 2021 7:57 PM
- Cheered Re: Okay, Rental Property - 2010 thru 2013 converted to perso... for golies. February 22, 2021 8:18 PM
- Cheered Re: What happens to the passive loss carryovers from our rental property if we change the property from rental to our primary home? for AmeliesUncle. February 22, 2021 8:18 PM
- Cheered Re: Okay, Rental Property - 2010 thru 2013 converted to perso... for MarilynG1. February 22, 2021 8:16 PM
- Posted Re: What happens to the passive loss carryovers from our rental property if we change the property from rental to our primary home? on Investors & landlords. February 21, 2021 2:18 PM
- Posted Re: Passive loss carryover on property converted from rental to Primary residence then sold on Investors & landlords. February 19, 2021 10:09 PM