TP was depreciating home office improvement as an asset. Client is not using that space as a home office anymore. How do I change the use of the home office asset?

Golfer2016 · ‎12-07-2019

They are renting that house and now that asset should be on their schedule e. Do I full dispose of the wood floors? I don't think that is right because that would be taxable. I can't see how I can change use. I think I should be able to stop depreciating it on home office, and then continue as an asset for their schedule e. Do I delete the asset from home office and start a new on schedule E? Please let me know your thoughts.

IRonMaN · ‎12-07-2019

Start a new schedule E with a new asset but show prior accumulated depreciation for the asset.

Slava Ukraini!

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Golfer2016 · ‎12-07-2019

For date of service, should I put the date that the floors were starting to be depreciated for the home office? For the home office entry I put the date the use changed but didn't put a sales price.

Golfer2016 · ‎12-07-2019

I was thinking I could just change the type of asset by going to forms, change activity. However, that isn't working.