Q. Do I continue with the original depreciation schedule whereby for 2021 tax filing, the property will be year 6 of the 27.5 year depreciation schedule?
A. I don't think so. But I'm not sure. But I do recall this question beings asked before in this forum. I think the first Conversion to personal use is treated as a disposition. The second time it is placed in service, you reduce the cost basis by the amount of depreciation previously claimed thus reducing the annual depreciation on the 2nd 27.5 year period.
But, that said, there may be an alternate election, available, to continue the old depreciation schedule (Edited: alternate election not allowed; see tagteam's comment below)
@Carl @Opus 17 @TaxGuyBill @TomD8 Any input? I'm going by memory.
