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Investors & landlords
Since you're be reporting it in the Sale of Business Property section, when working through the SCH E section do not indicate in that section that you sold it. Instead, indicate that you converted it to personal use with a conversion date of the date you closed on the sale.
Remember, you have to work through each asset also, in the assets/depreciation section of the SCH E and indicate you converted each individual asset to personal use. That is the only way that you can get the total depreciation taken on each asset up to the date of the coversion/sale.
March 12, 2023
7:59 AM