Rental Converted For Personal Use

[MsTabbyKats]

Client had been renting a house.

 

Then he converted it for personal use.

 

Do I put anything in "the sales price"?

 

I left it blank...and I'm getting a loss on Form 4797.  Is this correct?

 

Thanks

[Lynn EA USTCP in Louisiana]

Isn't there an option instead of sale/abandonment that says 'change to personal use'?  Or of some sort? I do not think there should be any gain/loss calculation on conversion to personal use.  It just comes out of 'service' for depreciation purposes.

Edited March 29, 2015 by lynn EA in Louisiana

[MsTabbyKats]

LOL....I was having a senior moment

 

I caught it about a second after I posted....