If you select the option for "I did not rent or attempt to rent this property in 2019" then the SCH E and EVERY BIT OF HISTORY on that rental property will be deleted permanently and forever. Period. End of Story. In the end, this is *EXACTLY* what you want *******IF******* *AND* *ONLY* *IF* you converted the property to personal use on your 2018 tax return. (If you did that correctly and completely, then the SCH E data for that specific property should not have imported into your 2019 return in the first place.)
On the tax return of the year you converted the property to personal use, you need to print out several documents and keep those documents ***FOREVER***. You will need them when one of three things happens in your live.
1) You convert the property back to a rental or *any* *other* business use.
2) You sell the property.
3) You die.
First, your need the two IRS Form 4562's for that specific property. These forms show your depreication on the property. Both forms print in landscape format. The first one is titled "Depreciation and Amortization Report" and the 2nd one is "Alternative Minimum Tax Depreciation".
Next, you need to print the IRS Form 8582. That form is 3 pages, but if the last page is not used then only the first two pages will print. Your carry over losses are on worksheet 5, column c.
If in the future you convert this property back to a rental, be aware that the TurboTax program can *not* handle that situation cleanly. You will have to do some finagling with the in service dates in order to get the program to pick up *correctly* where it left off. Otherwise, that future tax return *will* *be* *wrong*. Now TurboTax may fix this problem is the future. But I doubt it since it's been around for the 15 plus years I've been using the program.
