MaryK4
Employee Tax Expert

Investors & landlords

Because the property was converted to Personal Use and not sold, there has not been realized gain/loss yet.  The Form 4797 is Disposition of Business Property, which includes the conversion to personal use.  (It closes out the Schedule E for reporting).  When you sell the property, you will have to account for the depreciation to determine the gain or loss (essentially it is suspended).  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"