AnnetteB6
Employee Tax Expert

Get your taxes done using TurboTax

Go to the Rental Income and Expenses section of your return and edit the Property Profile section.  There will be a page with different characteristics of the rental property where you will find a box to check for converting the rental to personal use.  Check that box and follow the prompts from there.  You could select 01/01/2024 as the conversion date, which will indicate that the property is no longer a rental.  

 

Then, you will probably need to go to each Asset that is being depreciated (including the house itself) and edit the information.  There will be a question that asks if you stopped using the Asset for business/rental.  Answer 'yes' and enter the date it was converted to personal use.  That will stop the depreciation.  

 

Be sure to keep records of the total depreciation that was taken during the time the property was a rental.  You will need this information when you sell the property later.

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