Depreciated rental property becomes client's principal residence

Forum|Forum|5 years ago
May 13, 2021
1 reply
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My client had a rental property which was depreciated for a few years. August 2020 he sold his principal residence and moved into rental property as his new principal residence. How do I remove property from depreciation schedule?

ProSeries Basic

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Best answer by Just-Lisa-Now-

only input a date, no zero

Just-Lisa-Now-

Intuit Community Champion

You enter the date it was taken out of service as a rental in the disposal section of the asset entry worksheet. Do not enter a sales price, just put the date. Then print out the depreciation details sheet for when the property ever sells, so you can recapture the deprecation taken while a rental.

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