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Old 02-26-2011, 10:43 AM
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Question 1245 or 1250 property to report on Form 4797???

I owned and personally lived in a condo for 2 years and then moved out and converted it into a rental property almost 3 years ago. This year I sold the rental property and am not sure whether it should be reported as a 1245 or 1250 property on the 4797?

Also if I have a loss on that property should it calculated on part III (the gains section???) of the 4797 and then transferred to part I and II of the form? That is how my tax software it having me do it???

Any help will be greatly appreciated. I spent about two hours reading different publications 540 etc. and cannot find the answers.:



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