Investors & landlords

You need to go through the "asset" section in the Rental section.  When you edit the "asset" that you have been depreciating, you can say you converted it to personal use.

Your brother will still need to pay tax on the depreciation that you took.  That can not be excluded by the $250,000/$500,000 exclusion.


TurboTax does not prepare Gift Tax returns (which is completely separate from your personal income tax return), so you will need to prepare that manually or go to a tax professional.
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f709.pdf">https://www.irs.gov/pub/irs-pdf/f709.pdf</a>
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/i709.pdf">https://www.irs.gov/pub/irs-pdf/i709.pdf</a>
<a rel="nofollow" target="_blank" href="https://irs.treasury.gov/rpo/rpo.jsf">https://irs.treasury.gov/rpo/rpo.jsf</a>