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Which product is needed when you stop renting a property for a future sale?

If I stopped renting a rental property of 2022 for the purpose of resetting it to an owner occupied property, do I still need to use the TT premier for the next two years before I sell it
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AmyC
Expert Alumni

Which product is needed when you stop renting a property for a future sale?

No, use any program that suits you. You should have marked  in 2022 that it was converted from rental to personal and moved all of your assets -converted from rental property. You need to keep track of the depreciation you have taken since that may need to be recaptured. Living in the house 2 out of 5 years does not negate the business component of the rental house. Be sure to save a copy of your final return with the house as a rental. You will need the 4797 for depreciation recapture. You will enter the regular and AMT amounts as part of your main home sold.

 

See Pub 523 for sale of main home.

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