ColeenD3
Expert Alumni

Investors & landlords

What did you do with the property? Convert to personal use? Sell it? Gift it? 

 

You need to account for the property if one of these situations is true. If you converted to personal use, then you need to keep track of the depreciation that you took for when you sell it. You will have to recapture that depreciation. You should make sure that you have copies for back up.

 

If you enter the rental section, you can indicate that you disposed of the rental, however you did so. Enter that you had zero rental days and that you did not attempt to rent it. The program will advise you to delete the form.