rental property

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I have a rental property purchased in 2008. I stopped using as rental Dec. 31, 2022 (I did not use it at all in 2023). TT is asking for MACRS convention and recovery period. Any help is greatly appreciated!!

TurboTax Home & Biz Windows

DaveF1006Answer

Alumni - Intuit

I've done all of that and it is still asking for the "recovery period"...I have no clue what that is

Recovery period for rental real estate is 27.5 yrs and that is what you would place in this Box. Put in 27.5 in the box.

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KrisD15

Alumni - Intuit

Was the rental reported in TurboTax for 2008 through 2022?

What did you do with the property once it was no longer a rental?

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cdavidrayAuthor

Level 2

yes, it was used as rental 2008-2022 at which time it was converted to personal use

PaulaM

Employee Tax Expert

In the Property profile section indicate that you converted the property to personal use, then move on to the asset section. Enter 0 for days rented at fair rental price and 0 for personal use days. Then move to the asset section to dispose of the property.

After you indicate that you disposed the property in 2023, entire the date you retired from use and the date you began using it for business. Depreciation that should have been taken will be computed and on the next screen, you will either accept that figure or adjust it. Carry on to complete the section.

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