Covert to personal use_ suspend depreciation - keep details

[loricpa100]

Client has converted a rental to personal use for now.  Last year I manually said no depreciation for each asset of that rental property.  This still, spouse (soon to be ex?) still living there.  Afraid will forget and just have depreciation accumulating (improperly).  Also do not want to lose the detail for eventual future sale.  

Is there a way in Lacerte to "put a rental on hold" or suspend the depreciation until you toggle it back on?  Any ideas oh best and brightest out there?

[TaxGirl3]

Remove depreciation method?  Perhaps code 'Form' to option 17 - 4562 only if you are removing the rental schedule?

[PhoebeRoberts]

Switch the depreciation method to 99.

[loricpa100]

Thanks for the reply.  I do not understand this option you are suggesting to code the "form" or on what screen that would be

Taxpayer does have other depreciation for a business.  And I do kind of hate to lose the lives detail on 30 assets...yet cannot test this as I do not understand where or how I would try what you suggest

[PhoebeRoberts]

Print the depreciation schedule to PDF before changing the method. Put the printout in your file, in case the assets are placed back into service.

In the depreciation screen, the grid at the top shows the form each asset is linked to and the method used. Setting the form to 4562 only doesn't suspend depreciation; it just keeps it from going anywhere else on the return. Setting the method to 99 suspends depreciation entirely. Doing both lets you delete the Schedule E and not get a grumpy diagnostic.

[loricpa100 · Accepted solution]

Pheobe - yes, I printed the schedule as I do not wish to lose the lives and this point in time.  99 does wipe that out.  I do not mind a blank Sch E - my fear is I forget and then add to passive losses with a depr loss only and 8582.  Since it would not change taxable income, in late April an oversight could occur.  My fear.  

EVERYONE - thank you.  I think the 99 is the best way to stop it and avoid my aforementioned fear.  That said, since this year I already went asset by asset to put in -1 to suppress the current depreciation - going to stick with that.  And a HUGE note in the file.

Happy Taxing everyone!