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How to handle Rental real estate with suspended losses converted to personal use? Also, how do I stop depreciation on Schedule E for this property?

lfpgl
Level 1
 
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3 Comments 3
IRonMaN
Level 15

They stay suspended.


Slava Ukraini!
George4Tacks
Level 15

To stop depreciation, input a date of sale for each asset. DO NOT ENTER ANYTHING for sale price OR for either partial or complete disposition.  In the Schedule E, you can enter 2=delete next year in the 1st entry above "Other Information" 

The program has no method of keeping tracking of the suspended losses. You will need to do that separately.


Answers are easy. Questions are hard!
TaxGuyBill
Level 15

@George4Tacks wrote:

The program has no method of keeping tracking of the suspended losses. You will need to do that separately.


So Lacerte and PTO don't file the required 8582 anymore either?  It's scary that Intuit doesn't know how to file tax returns.

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