HELP PLEASE! Sale of Personal Residence turned into Rental

[M7047]

This is what I have for the 4797-it flows from here to the schedule D onto the 1040. They do qualify for the exclusion BTW.

 

 

 

Even though the state info is there on the detail tab, I can't get the info to flow to the state return...

 

My PA Sch D is blank and I cant get any of the info there. What am I missing?

Thanks!!

 

[Pacun]

To qualify for the exclusion they have to own and have lived in house for two years in the past 5 years. You have entered less than 2 years.

 

[M7047]

8 minutes ago, Pacun said:

To qualify for the exclusion they have to own and have lived in house for two years in the past 5 years. You have entered less than 2 years.

 

That's the date it became a rental. She's owned it since 2011.

[grandmabee]

Did you fill out the sale of personal residence tabs in sch. 8949?  it walks you thru it.

[M7047]

14 hours ago, grandmabee said:

Did you fill out the sale of personal residence tabs in sch. 8949?  it walks you thru it.

 

I filled out the sale of personal residence on the fixed asset tab. Why would I use 8949, wouldn't that put it on here twice?

 

[Abby Normal]

I would not use fixed assets to do this. In fixed assets, use the disposal code of removed for personal use.

Then go to 8949 and enter like any other sale of residence, just enter the total depreciation claimed and pay tax on only the depreciation.

[M7047]

17 minutes ago, Abby Normal said:

I would not use fixed assets to do this. In fixed assets, use the disposal code of removed for personal use.

Then go to 8949 and enter like any other sale of residence, just enter the total depreciation claimed and pay tax on only the depreciation.

Thank You so much! I was using Fixed assets to remove it from Dep Sch.