David Posted October 14, 2008 Report Posted October 14, 2008 TP lived in house for 6 years and then converted the house to rental property. She rented the property for 1 year. In the ATX program, I set up land and house separately for the rental property since land is not depreciable. She sold the property in 2007. Of course, she gets the sec. 121 exlcusion since it was her primary residence for more than two years. I can't figure out how to link the two assets to the sale and take the sec. 121 exlcusion for both the land and the house. The only option I see to use for the land is "converted to personal use" and then that portion of the sale isn't reported. How have others of you who use ATX handle this? Thanks, David Quote
Lion EA Posted October 14, 2008 Report Posted October 14, 2008 Haven't used ATX for personal returns, but don't they have a bulk sale feature where you can combine the two assets into one sale? Quote
kcjenkins Posted October 15, 2008 Report Posted October 15, 2008 If you use the 'bulk sale' option you can combine them. Or just show them both as converted to personal use, then enter the sale on the D as sale of residence after you make any required recapture, etc. Quote
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