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Residential Rental Conversion and Schedule E Worksheet
My client sold their personal residence in May of 2020 and moved into their former residential rental property in June. I entered income and expenses on the Sched E worksheet, 173 rental days, 0 personal days, and entered the June 21 disposition date for the asset, which immediately reworked the depreciation as expected. But when I returned to the Sched E worksheet, nothing had changed. If nothing else, I was expecting to see a change in mortgage interest and property tax from the 1098 import, as I've seen with vacation rentals, but nothing was different. Is this what's expected with a conversion to personal use? Thanks in advance.
