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Level 2
February 3, 2022
Question

I have a client who moved back into her condo March 1, 2021after she had rented it out since Nov. 2012.

  • February 3, 2022
  • 2 replies
  • 8 views

There has been depreciation of approx. $46K on the Condo since then.  How do I properly convert this rental property back to it being her personal home and properly comply with the disposition and/or conversion and do the recapture of depreciation using pro-series.  Is there another method/tool other than utilizing the pro-series Asset Entry worksheet for this type of transaction? Help

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2 replies

Just-Lisa-Now-
Intuit Community Champion
February 3, 2022
Did she sell the condo? or just convert to personal use?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Pat MAuthor
Level 2
February 3, 2022

She is converting the Condo to her personal home.  She did not sell it.

sjrcpa
Level 15
February 3, 2022

No recapture at this point. Just stop depreciating it.

The more I know the more I don’t know.