Change rental property to personal use and stop depreciation without releasing losses in Lacerte.

For more depreciation resources, check out our Tax topics page for Schedule C where you'll find answers to the most commonly asked questions.

How to convert a rental property into a personal use, and stop depreciation without releasing suspended losses:

1. On Screen 18, Rental & Royalty Income (Schedule E), enter the income from the rental activity.
2. Go to Screen 22, Depreciation.
3. Select the Federal Depreciation section from the Section box on the left side of the screen.
4. In the General section, select Schedule E (rental) form the Form (Ctrl+T) dropdown options, then choose the appropriate Activity.
5. Scroll down to the General Disposition Information section.
6. Enter the date depreciation is to be stopped in the Date sold, disposed, or retired (MANDATORY) field.
7. Repeat Step 6 for each asset associated with the rental.