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.