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Converting other half of Multi-Family Rental
I have a 2 family home that I purchased in 2011. I lived in 1 unit and rented the other till 2018. So when I filed my taxes back then I listed half the home as a rental with half the cost as the asset. During that time I filed my schedule E with all expenses divided by lets say 50% since half of the building rented. However in 2019 I moved out and started renting the unit I vacated. It is no longer my residence but now 100% of the home is rented. How do I report this? Do I need to create a separate property? Or is there some way of changing the existing Schedule E? Not sure what changing the existing Schedule E is going to do to depreciation since only half of the cost of the house was listed. Any guidance would be appreciated.
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‎July 7, 2020
11:55 AM