Carl
Level 15

Investors & landlords

I am assuming the following:

1) On your 2019 tax return you converted the property from rental property to personal use, and you did so completely and correctly. (many don't do this correctly, and don't even realize it.)  So if on your 2019 tax return you worked through each individual asset listed in the Assets/Depreciation section and indicated that "I stopped using this asset for business in 2019), then the chances are you did it completely and correctly. Therefore I would expect that property to not be imported into the 2020 tax return. If it was imported, and you "know" you reported the conversion to personal use completely and correctly, then you can just delete that property from your 2020 tax return.

2) You have a printout on physical paper of your completed, filed and accepted 2019 tax return that at a minimum includes the SCH E form and the two IRS Form 4562's for that specific property. I can guarantee that you will need these forms in the future, when any one of three things happens in your life.

1) You sell the property

2) You convert the property back to rental property

3) You die

If/when you convert the property back to rental property, you will enter the property as a completely new rental and basically, "everything" starts over from scratch, with a few adjustments you will need to make using the information on the 4562 from the 2019 tax return.

As this point, I see no need to get into the details of this, since at best, you will not be dealing with it until you file your 2021 tax return next year...and that's only if you convert the property back to rental property in 2021.