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Thanks.
Now I'm trying to determine how to continue the depreciation for the long-term rental property in PS, so that the depreciation life continues and doesn't start over for 27.5 years.
The property was put in use on 7/1/19 as an Airbnb and converted to a long-term rental on 8/7/24. I entered 8/6/24 as the disposal date on the Airbnb Sch E Worksheet to stop depreciation. I then entered 7/1/19 as the date acquired and 8/7/24 as the date placed in service for the asset on the long-term rental Sch E Worksheet. I also entered the amount of the accumulated depreciation for the Airbnb asset on the prior depreciation line for the long-term rental asset.
I get an error message stating that the prior depreciation should be blank.
I can't find any instructions in PS for how to handle this. How do I enter this in PS so that depreciation continues on the rental property?