Also, you "MUST" work through each individual asset listed in the Assets/Depreciation section and show that you stopped using each asset with a stop date of one day after the last renter moved out.
Now, once you have completed your tax return, filed it, "AND" it has been accepted by the IRS, it it extremely important that you save a copy of your "ENTIRE" tax return in PDF format, and print it out. For your printouts you will "NEED" the following forms.
- IRS Form 4562. There are two of these that both print in landscape format. One is titled "Depreciation and Amortization Report" and the other is "Alternative Minimum Tax (AMT) Depreciation".
- IRS Form 8582 - Passive Activity Loss Limitations. It's possible this form will not be present. If it's not present, that just indicates you have no carry over losses to deal with. But if you do have it, print it.
You need to keep all of the above forms, as you will need them when any one of the three aforementioned events occurs in your life. (Events are in my prior post in this thread.)
