Investors & landlords

To indicate that you converted your rental property to personal use please follow these steps:

TurboTax CD/Download

1. Click on Federal Taxes > Wages & Income   [In TurboTax Home & Business: click on the Business tab > Continue > I'll choose what to work on.]
2. In the Rental Properties and Royalties section click on the Start/Update box. 
3. On the Income from Rentals or Royalty Property You Own  screen, click Yes.
4. If you have already started adding information about your rental, you will come to the Rental and Royalty Summary screen.  Click on the Edit box next to the property. 
5. If you haven't yet entered rental/royalty information, continue through the screens, entering the requested information.
6. On the Review Your [property name] Rental Summary screen, click on the Start/Update box in the Property Profile section. 
7. You will eventually come to a screen, Do Any of These Situations Apply to This Property?  Mark the box next to I converted this property from a rental to personal use in 2020.   [Screenshot #1, below.]
8. Continue through the screens entering the requested information.

TurboTax Online

1. On the Wages & Income screen, scroll down to Rentals, Royalties, and Farm.
2. Click the Start/Revisit box next to Rental Properties and Royalties (Sch E).  
3. On the screen, Your 2020 rentals and royalties summary click Edit next to the property. 
4. On the Here's [XX]'s rental property info screen, click on the Edit box in the Property Profile section. 
5. On the Review your rental property info screen, click the Edit box below Situations in the General Info section.  [Screenshot #2]
6. Click the box Converted home to rental or rental to home.   [Screenshot #3]
7. Continue through the screens entering the requested information.

Screenshot #1

Screenshot #2

Screenshot #3