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I don't rent my condo anymore and we live in it as Primary residence. How do I handle this in my 2017 return?
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I don't rent my condo anymore and we live in it as Primary residence. How do I handle this in my 2017 return?
The information from your previous return about the rental property should transfer to your 2017 return. Edit the property information and continue forward until you get to the screen titled Do Any of These Situations Apply to This Property?
Check the box labeled “I converted this property from a rental to personal use in 2017”.
There will be some guidance on the screen to tell you that you will need to divide your expenses between the time the property was still being rented to the time that you began using it as your home. The screen will also remind you that you will need to go through the Assets section of the rental income and expenses in order to stop the depreciation of your assets as of the time the property was converted to personal use.
- Mark as New
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I don't rent my condo anymore and we live in it as Primary residence. How do I handle this in my 2017 return?
The information from your previous return about the rental property should transfer to your 2017 return. Edit the property information and continue forward until you get to the screen titled Do Any of These Situations Apply to This Property?
Check the box labeled “I converted this property from a rental to personal use in 2017”.
There will be some guidance on the screen to tell you that you will need to divide your expenses between the time the property was still being rented to the time that you began using it as your home. The screen will also remind you that you will need to go through the Assets section of the rental income and expenses in order to stop the depreciation of your assets as of the time the property was converted to personal use.
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