Client had 3 months for Airbnb, then converted to personal property. How do I get that reflected for depreciation without a gain or loss. Not a full year deprec only 3 month.
I would put an override on Screen 22 Depr for the partial-year amount of depreciation and leave it tied to the rental activity on Screen 18 for this year. Next year, I'd change Screen 22 link for that/those asset(s) from form type "3" (Sch E rental) to "17" (Form 4562 only) to keep legacy record of accumulated depreciation for the eventual sale of the property for depreciation recapture.
ETA: I just realized that my nomenclature was Lacerte-specific and you might be using a different software.
thank you so much. I do use Lacerte.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.