turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

jugantor
New Member

Under Wages/Income -> Rental Income -> Assets/Deprec -> Asset Summary Calculation Says "Sold/Retired from Business use in 2016" as No. It's not true. How do I change it?

I rented out 1 room in my primary residence for 1 month and then didnt rent out at all for the rest of the year. Now, In the Asset Summary Details, I see that it mentions that "Sold/Retired from Business use in 2016" as No. This should be "Yes", isnt it, since I didnt rent anymore after that 1 month in 2016.
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
PaulaM
Employee Tax Expert

Under Wages/Income -> Rental Income -> Assets/Deprec -> Asset Summary Calculation Says "Sold/Retired from Business use in 2016" as No. It's not true. How do I change it?

Indicate that you stopped renting the room under the Property Profile section. 

Then navigate to the Sale of Assets/Depreciation section to enter its disposal date and work through the depreciation for the rental.

See attached example.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
PaulaM
Employee Tax Expert

Under Wages/Income -> Rental Income -> Assets/Deprec -> Asset Summary Calculation Says "Sold/Retired from Business use in 2016" as No. It's not true. How do I change it?

Indicate that you stopped renting the room under the Property Profile section. 

Then navigate to the Sale of Assets/Depreciation section to enter its disposal date and work through the depreciation for the rental.

See attached example.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies