Thank you for your response.
The business doesn't have any current activity; however, I am planning to keep it open as we are actively looking for a rental property. There was no "final" tax return.
"In TurboTax Business, the only option that makes sense is "This rental property was SOLD or otherwise DISPOSED of during this tax year."
None of the other options are applicable.
However, this doesn't feel conclusive or correct, but I am unable to find another way to move the property off the balance sheet.
When I search the TurboTax forums, I found these answers, but I don't know if they are correct, or how to execute within the program, if they are correct:
The Form 4797 is Disposition of Business Property, which includes the conversion to personal use. (It closes out the Schedule E for reporting). When you sell the property, you will have to account for the depreciation to determine the gain or loss (essentially it is suspended).
Thank you
