Investors & landlords

I don't use TurboTax, so unfortunately I can't give you specific directions for how to do it in the program.  But I can tell you some generalized information.

 

You would need to stop it being a rental in the program.  Saying you converted it to personal use would do that.

 

As I mentioned before, it also needs to be shown as a Distribution from the Partnership to you.  I am unsure how to do that in TurboTax.

 

For a Partnership, there should not be any direct taxable consequences of doing that.  Indirectly, the distribution to you would affect your Basis which could possibly be taxable (depending on the circumstances).

 

Perhaps somebody familiar with the program can give you the specifics of how to do that, or perhaps you could call Support.  On the other hand, in my OPINION most people should NOT be preparing their own Partnerships and Corporations in TurboTax because there are too many variables and complexities; I always recommend a tax professional for Partnerships and Corporations.