We rented a home for 27 years, and then in 2019 we took the home out of rental service, demolished the home, and began building our primary residence on the same property with no intention of selling the home/property. The home is not yet our primary residence until we can occupy it sometime in 2020. Please help me with the steps in TurboTax for 2019. Is it as simple as converting the home from a rental to personal use, dividing the expenses for rental/personal in tax year 2019, and then keeping depreciation and cost basis records in case we do sell some day? Thank you.
