I used to treat my property as rental property. I do not anymore. How do I remove the rental property from Turbo's records?

[HelenC12]

You will be able to enter the date on which the home became your primary residence when you are working on the asset entry of the house:

1. Login to your TurboTax Account and select Pick up where I left off
2. Click on "Search" on the top right and type “rentals”
3. Click on “Jump to rentals”
4. Continue until the “Tell us about your situation this year” screen and select “Converted home to rental or rental to home”
5. On the “How was house converted?” screen select “From rental to primary residence”
6. Continue through the questions
7. When you are working on your assets (house) on the “Tell Us More About This Rental Asset” screen select “The item was sold, retired, stolen,… converted to personal use,….” and you can enter the day you converted the property to a personal residence.

Source: Employee Tax Expert DanaB27

[Carl]

Assuming 2022 was the last year the property was classified as a rental, you need to convert it to personal use.

Work through the Assets/Depreciation section and for each individual asset listed elect to EDIT/UPDATE the asset and start working it through. When asked "did you stop using this assetin 2023?" select YES.

On the "Special handling Required?" screen, read the information there so you will understand why I am telling you to click YES. Then click YES.

You must do the above for each individual asset listed in the assets/depreciation section.

If at any time you claimed any vehicle expenses for that rental for any period of time you owned it, you will need to work through the vehicle expenses section and convert the claimed vehicle to personal use. This is necessary even if the vehicle was less than 100% business use.

Once you have done the above, 2022 will be the last tax year you will report this rental on your tax return. You will need to print out the SCH E and both 4562's and the IRS form 8582 for this property and file them away. You will need these forms when one or more of three things happens in your future.

1. You convert the property back to a rental or any other type of business use.

2. You sell the property.

3., You die.