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Rental

Mark4702
Level 1

I have a client with 2 rentals. She is letting family live in one for now, but will turn it back to a rental afterwards. How can I suspend the rental in the software so I don't lose all the depreciation etc and the

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3 Comments 3
Just-Lisa-Now-
Level 15
Level 15
In the Disposal section of the asset entry worksheet, just enter the date it was taken out of service, and it will stop depreciation as of that date.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Mark4702
Level 1

Can't find a disposal section. I see a disposition link, but that seems to be for non-depreciable assets. The software is still combining the two rentals for a total loss on the E.

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Just-Lisa-Now-
Level 15
Level 15
which software are you using? If ProSeries, go to the asset entry worksheet(s) of Sch E and scroll down to the Disposal section and enter the date it was taken out of rental service.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪