Sale of rental property

[Roddog]

Rental property tenants move out in March, property is vacate for two months and prepared to be sold in May. Property is sold in May.

Should the rental property be retired on the date of tenants moving out and only the costs associated with the property up to that date be claimed on schedule E?

Should all fix up and prepare cost and expense after tenant departure be considered personal for preparation for sale?
After that reported as a capital gain or loss?

[ATSMAN]

I would add all costs to get he property ready for sale after rental ended to the basis.

Sch E should be for the portion of the tax year it was actually rented because the intention was not to re rent it again but to sell it, right?

[Roddog]

Yes, the intention is to sale the property after the tenants moved out in March.

[JMO]

Was the property owned before 2014?

[Roddog]

Was the property owned before 2014?

Yes the property was personal and owned before being converted to a rental in 2008.

[JMO]

Yes the property was personal and owned before being converted to a rental in 2008.

The property is subject to the TPRs.

However, your fact pattern does not indicate if a Form 3115 was filed or a Safe Harbor for Small Taxpayers election was made.

It changes how you'd have to treat the 'fix-up-for-sale' expenses.