MsTabbyKats Posted March 29, 2015 Report Share Posted March 29, 2015 Client had been renting a house. Then he converted it for personal use. Do I put anything in "the sales price"? I left it blank...and I'm getting a loss on Form 4797. Is this correct? Thanks Quote Link to comment Share on other sites More sharing options...
Lynn EA USTCP in Louisiana Posted March 29, 2015 Report Share Posted March 29, 2015 (edited) Isn't there an option instead of sale/abandonment that says 'change to personal use'? Or of some sort? I do not think there should be any gain/loss calculation on conversion to personal use. It just comes out of 'service' for depreciation purposes. Edited March 29, 2015 by lynn EA in Louisiana 2 Quote Link to comment Share on other sites More sharing options...
MsTabbyKats Posted March 29, 2015 Author Report Share Posted March 29, 2015 LOL....I was having a senior moment I caught it about a second after I posted.... Quote Link to comment Share on other sites More sharing options...
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