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Change rental property to personal use and stop depreciation without releasing losses in Lacerte.
by Intuit•4• Updated 5 months ago
How to convert a rental property into a personal use, and stop depreciation without releasing suspended losses.
To solve the issue:
- On Screen 18, Rental & Royalty Income (Schedule E), enter the income from the rental activity.
- Go to Screen 22, Depreciation.
- Select the Federal Depreciation section from the Section box on the left side of the screen.
- In the General section, select Schedule E (rental) form the Form (Ctrl+T) dropdown options, then choose the appropriate Activity.
- Scroll down to the General Disposition Information section.
- Enter the date depreciation is to be stopped in the Date sold, disposed, or retired (MANDATORY) field.
- Repeat Step 6 for each asset associated with the rental