Client bought a rental home in 2008 for 46000. This past year, he moved into the home for his personal residence. What do I need to do as far as taxes are concerned. Anything with the prior depreciation?
If he didn't rent it at all in 2017, print off the depreciation schedules for future reference and delete schedule E and all of its attachments. You will need the depreciation schedules if he ever sells the home.
If he didn't rent it at all in 2017, print off the depreciation schedules for future reference and delete schedule E and all of its attachments. You will need the depreciation schedules if he ever sells the home.
Even if it was lived in for part of 2017, enter the date on the asset worksheets for when it became a personal residence. Then print the depreciation schedules as the coyote says. Don't forget to print them for the state also.
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