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Level 1
April 27, 2020
Question

Changing rental to personal residence

  • April 27, 2020
  • 2 replies
  • 19 views
Owner moved into rental 1/1/2017. What is the best way to to change rental to home without deleting the Asset Worksheet.
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2 replies

IRonMaN
Level 15
April 27, 2020

Print the worksheet to paper or a pdf.  Then go ahead and delete it.  Save the printed copy for the day that property is sold.  It doesn't really serve any purpose lingering around.

Slava Ukraini!
Level 3
April 28, 2020

I code it to form 17 4562 only then I put a 99 for depreciation so it no longer calculates depreciation.  Those then print out every year with the clients tax return, that way if they move or use a different preparer that tax preparer has that information.  That great if you just print a copy and keep in your file, but in my office I have had them purge files including the back-up accidentally.