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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sale of rental property converted to vacation property
A 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 claim before 2017.
The property was not rented in 2017, the client remodeled the home and I believe this would be considered as personnel use. He later sold the property in May 2017.
The mortgage and... -
Converting a Home to a Rental
John converts his personal residence to a rental property five years ago. The house original cost was $200,000. Its FMV was $135,000 when it was converted into a rental. Over the 5 years, $10,000 in depreciation was taken. John sold his property for 145,000.
1. Original Cost $200,000
2. FMV on Conversion date $135,000... -
Rental RE in a Trust - qualifies for $25,000 special allowance?
Client inherited a rental property from father in 2009, but property is held in a Trust in client's name until she turns 45. I am doing the Trust's 1041 this year for first time. (Previous preparer had many, many errors from what I can tell, but that is a story or two for another day.) The client (both fiduciary and beneficiary of the Trust) definitely...