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Investors & landlords
Step 1 ... take the asset out of service to stop the depreciation ... convert to personal use ... do NOT sell it.
Step 2 ... save a PDF of the return with the worksheets to get the total depreciation taken to date.
Step 3 ... use the sale of home section to report the sale ... enter the depreciation take to date. Then review the sale of home worksheet, the form 4797 and Sch D & E carefully. If things are not making sense then call TT support for assistance or upgrade to one of the LIVE options for one on one assistance.
‎September 29, 2022
11:52 AM