Question

Converted rental property to personal use - now what on Pennsylvania return?

Forum|Forum|4 years ago
March 25, 2022
1 reply
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I had a rental property for years that I converted to "personal use" in 2021 (because I started renting it to family for less than FMV). Various improvements were made to the property over the years.

I believe Turbotax is handling the issues, what happens with the depreciation, etc.

My question is with my Pennsylvania state return. The various items (including the house, and the various improvements) now appear on Schedule D, because they're treated as sales? There is a large "loss" now for each item. Is that correct? Should I just click "This sale is not taxable in PA"?

I hope my questions make sense.

Follow the advice of @view2 who says to list the conversion date and remove the $0 as the sale price.

See I am converting a rental property to personal use. I entered 0 as personal amount of sale. State of Pennsylvania is showing that as a major loss.

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JW100Author

Thanks. I really appreciate your help.

I erased the "0" for the "Net Sales Price" but noticed it was still listed on PA Schedule D (as a huge loss).

So I clicked the "This sale is not taxable in PA" box. Is that ok to do?

Sincerely,

John.

Yes. Select "This sale is not taxable in PA".

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