purchase the property in July 2008, it was my primary residence 2008 to 2013 when I worked there. I left the state Aug 2013, but the property was not rented out until Jan 2014. We did not do anything in 2013, no Schedule E. I guess that means it was personal use until 12/31/2013).
Since it was the first day of the new year in 2014, I"m assuming it was converted to rental on 1/1/2014 based on your statement that there was no SCH E for 2013. No problem there.
The apartment was first rented out 1/1/2014, and there was a Schedule E in 2014, and every year thereafter. It has been a rental since then, and it still is.
I'm with you.
There were two or three times during those years that a tenant moved out and it took a few months to find a new tenant, so there were months that I had no rental income from that property, but it was never converted back to personal use. (I cannot use it physically. I am two thousand miles and an ocean away).
Not a problem. There is no requirement to convert it back to personal use when a tenant moves out, if your intention is to rent the property to another tenant. For the vacant period between tenants, the property remains classified as rental property.
In 2020, I decided to do our own tax return myself, using TurboTax. My accountant provided my Form 4562s of Tax Year 2019, the last year he did our tax.
Still with you, and all looks fine thus far.
I double checked after completing 2020 tax return in TurboTax that Prior Dep (2019) + Curr Dep (2019) = Prior Dep (2020).
Correct. Many folks forget amount the math on the prior year 4562 when figuring prior depreciation for the current year tax return they're working on. In your case, you did the math and thus far, everything appears to be on track correctly.
However, this year it was no longer true.
Why is it no longer true? Did you sell the property in 2021? Did you convert it back to personal use in 2021? So far, I don't see anything wrong. But then, I don't know why things would be "no longer true" for 2021.
If you sold the property, how long after the last renter moved out did you sign the sales contract legally committing you to close on the sale?
If you converted the property back to personal use for whatever reason (I would assume you moved back into it as your primary residence.) then on what date after the last renter moved out did you "officially" stop attempting to rent it out again?
I get the impression you may still own the property, but decided to stop renting it for whatever reason. So let me know the facts and we'll go from there. As stated before, everything seems to be okay at this point.
