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Discussion:Sale of rental

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Discussion Forum Index --> Tax Questions --> Sale of rental


Taxcfp (talk|edits) said:

3 April 2007
First post for me...

I have a client who sold a rental property. He is a software engineer, not a real estate professional. When disposing of this asset, if this considered a "complete disposition of passive activity" and reportable on form 8582? (screen 22 in lacerte under "Sale of Asset" - "misc."

I read through the Quickfinder and from what I can tell, most rental activities are considered passive.

Thanks for your help.

Deback (talk|edits) said:

April 3, 2007
It's reportable on Form 4797. You should be able to enter the date of disposition and sale amount on the asset entry worksheet. Don't know how you would enter it in Lacerte, since I use ProSeries, but I don't see why you would need Form 8582.

Jastaxes47 (talk|edits) said:

3 April 2007
In lacerte show that this is a complete disposition in the sch e input section and then do the sale of the property in the depr. input section.

Taxcfp (talk|edits) said:

3 April 2007
thanks for the feedback guys. So when I do the sale of property in the depr. input screen - do I mark the sale as a "complete disposition of passive activity"? What would be a situation where the 8582 is used?

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