Investors & landlords

Step 1 ... in the rental section you will not sell the assets ... you need to convert them to personal use to stop the depreciation.

 

Step 2 ... get the current and prior depreciation figures off the depreciation worksheet ... use the Print Center to save a PDF with all the worksheets.

 

Step 3 ... sell off the property using the sale of home section and make sure to indicate you got a 1099-S form for the sale.  Total the depreciation  and enter it when prompted.  Go slow and look for the military exemption question.  

 

     Federal Taxes, then
     Wages and income, then
     Choose what to work on, then
     Choose less common income, then
     Home Sale