Pat M
Level 2
02-03-2022
03:51 PM
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There has been depreciation of approx. $46K on the Condo since then. How do I properly convert this rental property back to it being her personal home and properly comply with the disposition and/or conversion and do the recapture of depreciation using pro-series. Is there another method/tool other than utilizing the pro-series Asset Entry worksheet for this type of transaction? Help
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Just-Lisa-Now-
Level 15
02-03-2022
03:56 PM
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Did she sell the condo? or just convert to personal use?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Pat M
Level 2
02-03-2022
03:59 PM
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She is converting the Condo to her personal home. She did not sell it.
sjrcpa
Level 15
02-03-2022
04:03 PM
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No recapture at this point. Just stop depreciating it.
The more I know, the more I don't know.
Just-Lisa-Now-
Level 15
02-03-2022
04:08 PM
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So on the asset entry worksheets scroll down to the disposal section and enter the date it converted to personal use, but NO sales price, that stops depreciation. Then print out your depreciation detail report and keep it for when she eventually sells so you have the amount of depr to recapture at that time.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪