client has a property that’s he owned for 20 years and was rented for 8 years up until end of 2016. No end of rental claimed on schedule E at end of 2016 or 2017.
The property was not rented in 2017, the client remodeled the home and I believe this would be considered as personal use. He later sold the property in May 2017.
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Sale of rental property converted to personal in year of sale
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Sale of rental property converted to personal in year of sale
client has a property that’s he owned for 20 years and was rented for 8 years up until end of 2016. No end of rental claimed on schedule E at end of 2016 or 2017.
The property was not rented in 2017, the client remodeled the home and I believe this would be considered as personal use. He later sold the property in May 2017.
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Rental Property Sold_1099C
I have a taxpayer who transitioned their primary residence to rental property in 2014. The original sales price of the property was 122,000 in 2004.
At the time of conversion, the FMV was 54,000. In 2015 the taxpayer purchased another home that became the primary residence.
In 2016 the rental property was sold on a short sale...