How do you take a rental property out of service?

Forum|Forum|5 years ago
April 10, 2021
7 replies
74 views

Taxpayer decided to no longer rent one of their properties. No income for 2020. How do I remove the property from service?

ProSeries Professional

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Just-Lisa-Now-

Intuit Community Champion

On the asset entry worksheets for th rental, enter the date of "disposal" but no sales price. This stops the dep as of that date and takes it out of service. Print out the depreciation details sheet to save in case it becomes a rental again or gets sold, so you'll have the deprecation information.

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