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How do I properly enter the disposition from rental to primary in Proseries Professional AND is depreciation recapture DUE at conversion to primary or at sale?

EDESP
Level 1

In 2023 taxpayer moved into rental home.  Home rented since 2017.  ZERO days rented in 2023 (proseries is giving an error on Schedule E saying must be at least 15 days rented - so I presume I'll have to delete the Sch E).  183 days as Primary Residence in 2023.  When 7/1/23 is entered as a "disposition date" depreciation still calculates. When entered as 1/1/23 depreciation calculates for 1 day.  No box to check to state "converted rental to primary" (like turbo tax does).  Where do I / how do I enter correctly?

AND

Is depreciation recapture due on sale OR on conversaion to primary?

Thankyou!

 

0 Cheers
2 Comments 2
IRonMaN
Level 15

Print the 2022 depreciation schedule and keep it in the client's file for the day that they do actually sell the property.  Then just delete the schedule E worksheet and the related deprecation schedule.


Slava Ukraini!
Terry53029
Level 14
Level 14

Depreciation recapture is due on sale