Stopped rented my vacation home

jorgeamp — Thu, 06 Jun 2019 09:40:16 GMT

I stop used my rental property in 2015; so 2016 and future years I used and plan to used as a vacation home only... this is a change related to my last year declaration. I need to declare that? And how?

If you did not do so on your 2015 tax return, you need to...

AnnetteB — Thu, 06 Jun 2019 09:40:18 GMT

If you did not do so on your 2015 tax return, you need to show that you converted the rental property to personal use.

This will stop the depreciation of the property. You will also need to go through all depreciating assets to show that they have also stopped being used for business purposes. If you did not do this on your 2015 tax return, you can show it on your 2016 tax return by making the change as of 1/1/2016.

There is a check-box in the rental section of your return to indicate that you have converted the rental property to personal use during 2016.

When you go to your rental section of the return, Edit your property information. Then Edit the Property Profile. Move forward through the screens until you reach the one with the title, “Do Any of These Situations Apply to this Property?” Find the check box under Converted for I Converted this property from a rental to personal use in 2016.

topic Stopped rented my vacation home in Investors & landlords

Stopped rented my vacation home

If you did not do so on your 2015 tax return, you need to...