If you had a Schedule E last year for a rental property that you did not rent at all during the tax year, you should indicate this in the Property Profile.
Search on "schedule e" and jump to the start of the Rental Property section. Continue to the list of Rental Properties and click "edit" beside the property you need to work on.
- Continue to the Rental Summary page and click "Update" beside Property Profile.
- Continue to the page "Was the property rented for all of 20XX?"
- Click the box for "No, this property was not rented all year."
- Do not enter any numbers in the first two boxes. Instead, check the box for "I did not rent, or attempt to rent, this property at all."
- TurboTax will tell you to delete the Rental Property, but to keep all your documentation for prior rental use.
- Continue to the Rental Summary page and click "Update" beside Assets/Depreciation.
- Continue to the list of Your Property Assets. Click "Delete" beside each asset in the list.
- Continue back to the Rental and Royalty Summary page (a list of your properties). Click Delete beside the property that is no longer a rental. Confirm your choice.
- Continue to the end of the section to save your entries.
Your rental property will no longer be included on your current year tax return. Be sure you keep copies of every tax return that reported rental activity for this property. You'll need this should you sell or rent the property in the future.
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