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Business & farm
For clarity and simplicity, it's probably best to create a new Schedule E rental property. When you add the property as a rental asset, TurboTax will ask you about prior depreciation, where you can enter the combined depreciation from your Schedule C business and the previous Schedule E property.
You will also need to remove the property from both Sch C (75%) and Sch E (25%). You can simply report it was converted to personal use. You may need to adjust the "sale" information to result in a zero gain/loss.
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‎January 22, 2024
7:49 AM