Re: Rental property sale
Level 15

Investors & landlords

First, do NOT convert the property to personal use. There's no need for two reasons.

 - The property is already fully depreciated.

 - The property improvements done after the last renter moved out were never placed "in service". So those property improvements will not be depreciated.

Since your property improvements were not completed before Dec 31 2019 *AND* because they were never placed "in service", you will *NOT* under any circumstances what-so-ever enter "ANYTHING" concerning the property improvements *or* the sale on your 2019 tax return. It will *ALL* be entered on your 2020 tax return which you will not complete until next year. Therefore, there's no need to go into the data entry details until you start your 2020 tax return next year.

 

 

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