What do I need to do in turbo tax to declare conversion of rental property to permanent personal use? I converted at the start of the tax year and have rented out for 2 years while I was renovating. I had planned to rent but now decided not. I just didn't claim any rental income when I went through Turbo but now during error check it's asking me to fill in Schedule E items for the asset. Is that what I need to do and just show that its 100% personal use or is there something else I should be doing?
You need to indicate that it was converted to personal use.
Remember that since it was converted to personal use, and once used as a rental, you need to take note of the depreciation claimed as that will be needed in order to address "Depreciation Recapture" when you sell.
Enter all the 2024 income and expenses for that rental first.
You say you have none, but depreciation will be calculated until the date you list as the conversion date.
Go to the "Property Profile" section, continue and select "I converted this property from a rental to personal use in 2024" on the “Do Any Of These Situations Apply To This Property?" screen.
Continue that interview but do not exit the rental section
Scroll down to Assets/ Depreciation
Answer YES to go directly to asset summary
Select EDIT for the property
Continue to the "Tell Us More About This Rental" screen
Select "The item was sold, retired, stolen, destroyed, disposed of, converted to personal use, traded in, or given away (or it's no longer being used in this business for some other reason)
Enter the date it was converted to personal use
Continue through the interview to close out the rental