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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).
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‎February 12, 2023
10:26 AM