DianeC958
Expert Alumni

Investors & landlords

1) Yes, you should report that you stopped using the asset for business in February.

 

2) Since you are converting the house to your personal residence, you do not need to file form 5213.  This form is used more for people that are actively engaged in a business other than renting property.

 

Rental Properties often have losses for many years and can go back and forth from being profitable to having a loss. 

There is nothing you need to file in addition to the information you have already filed for your rental property.

 

 

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