I converted a rental to a personal residence, but was unable to move in as remodel was to expensive, how do I report this?

posted

The fact you didn't move in is really irrelevant. It just doesn't matter. Depreciation stopped on the date you converted it to "personal use". So you can only claim rental income/expenses on the SCH E for the period of time it was classified as a rental. Then for the time it was classified as personal use, the proportional amount of mortgage interest and property taxes is an itemized deduction on SCH A.

Can I have more details about this please? I may be able to offer some suggested options to you for consideration.

What is your date of conversion to personal use?

Did you at least "attempt" to rent the property after converting to personal use, after you decided not to move in?

What was the status of the property at the end of 2019? Still sitting empty? Maybe it was on the market to be sold?

What are you plans for this property in 2020?