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Investors & landlords
Under no circumstances and with no exceptions will you ever change anything on any asset that was entered prior to the tax year being reported (which is 2020 at this time). Changing anything on that asset in the assets/depreciation section will totally skew the depreciation history on that asset. How you deal with your specific situation depends on what your specific situation is, and how things were reported in the past.
I need some history here to understand what was done in the past, so we can do things right going forward.
-Were both units rented in the past?
-Did you report each unit as a physically separate property? Or as a single unit multi-family property?
- Assuming both units were rented in the past, on what date in 2020 did you convert one of the units from being a rental property, to being your primary residence? Typically, this is one day after the last renter moved out, or the date you decided to stop trying to rent it - whichever is later.