How to stop rental property depreciation mid-year?

[holly]

Client transitioned rental property mid-year (7/31/18) to personal use property.

This article says ProSeries will not suspend depreciation on rental property -- https://accountants-community.intuit.com/articles/1610288-suspending-depreciation-on-a-rental-proper...

So, I changed the business use percentage on each rental property asset to 58%, assuming that ProSeries would calculate 58% of the total annual depreciation amount that would otherwise have been claimed.

But, it's not calculating that way -- It's applying zero depreciation to the house, and $11 for the roof replacement, which would have normally been $189.

If I don't change the percentage, it deducts a full year of depreciation, which is incorrect.

How do I get this to calculate correctly? -- I can adjust the business use percentages on the asset worksheets to force the depreciation to equal my manual calculations but is there a better, or more proper/correct way to make it work?

Thank you!

[IRonMaN · Accepted solution]

Go into the asset entry worksheet and enter the date it was converted as the asset sale date but don’t enter any selling price.  Then print the depreciation schedules so you have them for whenever the property happens to be sold.

[holly]

Very helpful. Thank you!

[IRonMaN]

You betcha!