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CAPCPA
Level 2
March 13, 2020
Question

rental return to main residence

How do I turn off depreciation in ProSeries without a disposition of the property?

Owner moved back in after 15 months of rental.

 

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1 reply

rbynaker
Level 13
March 13, 2020

Put a sale date but no sale amount in the asset wks.  Then print (or PDF) a copy of the depreciation schedule and any suspended passive loss carryovers for the perm file.  They'll need to recapture depreciation if/when the property is sold.