Let's start from the beginning. Delete the property entirely in the Rental & Royalty summary screen. Then start adding it anew.
On the Screen "Do any of these situations apply to this property?" select 2 of the items on that screen.
- 2021 was the first year I rented this property
- I converted this property from a rental to personal use in 2021
Click Continue
On the screen "Was this property rented for all of 2021?" select NO.
- For days rented, the day count starts from the closing date of your purchase, and ends one day after the renter moved out. That date is also your date of conversion, which you will enter later.
- For days of personal use, enter the digit ZERO.
Click Continue
Continue working things through to complete the property profile section and enter your purchase/acqusition information.
- Where it asks you to enter your "Original purchase price (including land)" enter your contracted sales price.
- Available date is the closing date of your purchase
- Purchase date is the closing date of your purchase
Click Continue and keep working it through.
- Property tax valuse are "NOT" what you paid for the property. Those are determined by your county property tax assessor. You should be able to find those on line on our property tax appraiser's website. They will be "LOWER" than what you paid for the property. Usually 30% lower, give or take.
That will be the final thing you deal with in the property profile section.
Work through rental income and enter the rental income recevied.
Work through rental expenses and enter only those expenses incurred "BEFORE" you converted it to personal use. The only expenses I would expect you to be entering here are insurance, real estate taxes and Mortgage interest. You could have other expenses. But depending on how long it was after you purchased it, that the last tenant vacated, you very will may not.
After expenses, edit the Assets/Depreciation section and if offered, elect to go straight to the summary.
On the "Your property assets" screen you will see the property itself listed there. Click the Edit button to work this through and change things.
About 4 screens in you're at the "Tell us more about this rental asset" screen. Select the following:
- I purchased this asset new
- This item was sold, retired, stolen, destoyed, disposed of, converted to personal use, traded in, or given away.
- For "date you sold/retired from use" enter the date of one day after the last tenant moved out.
- Select "YES I HAVE ALWAYS USED THIS ITEM 100% FOR BUSINESS" (seems wrong I know. But it is not wrong)
Click Continue
- On the "Special Handling Requred?" screen, read the information on that screen to understand why I am telling you to click the YES button. Then click the YES button. (If you click NO then you will be "FORCED" to enter sales information. You did not sell the property. So click YES.)
Now finish working through the rest of the rental section, and that does it. The property and it's assets (of which you only have one asset) are converted to personal use. You're done.
