The fact you were a real estate professional in the past did not in any way negate you from reporting rental income on SCH E. If you own rental property all income and expenses for that property gets reported on SCH E. Doesn't matter if you're an RE pro or not.
Now there are situations where rental income is reported on SCH C. But it has absolutely nothing to do with being an RE professional. For example, if you do short term rentals (such as AirB&B) where you provide your short term tenants services on a recurring basis (such as daily room cleaning services) then you are "in fact" doing something on a recurring basis to actually "earn" that money. It's much the same as if you owned and ran a hotel. It would be reported on SCH C. So if this applies to you, stop reading here and press on as before. Otherwise.................
Basically, you need to transfer all assets (including the property itself) from the SCH C to the SCH E.
On the SCH C:
- You will work through all business assets and indicate that they were removed from the business for personal use.
- Take special note of the following on all assets:
>Date purchased or acquired
>Date place "in service"
>total of all prior year's depreciation already taken.
>Total depreciation taken for the current tax year (2019 I presume) The depreciation will
stop on the date you indicate the asset was removed from the business for personal use.
>Total depreciation taken on each asset in it's entirety. (Add together prior year's and
current year's deprecation. You'll need that total for the SCH E.)
On the SCH E:
Date purchased or acquired will be EXACTLY THE SAME as on the SCH C.
Date placed in service will be EXACTLY THE SAME as on the SCH C
Prior year's depreciation already taken will be the total depreciation "in it's entirety" from above and "will" include the 2019 depreciation from the SCH C.
Any further questions, just ask.
