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Client moved fulltime into their rental home. How do I suspend depreciation on the property while they are living there?

Pianoman211
Level 3

My client moved into their rental home.  How can I suspend depreciation on the property while they live there?  I don't know how long they will reside there.

5 Comments 5
Terry53029
Level 15
Level 15

In the asset worksheet put the date on "date of disposition" when they stopped renting. Don't fill out anything else only date

ljr
Level 8

I would print out and keep a copy of the depreciation schedule in the file somewhere just incase they start renting again or if they sell you have the prior depreciation amount for recapture

Pianoman211
Level 3

Thank you so much for your response

Pianoman211
Level 3

Will do.  Thanks

Pianoman211
Level 3

Thank you for your response.