taxu2
Level 4
12-06-2019
04:35 PM
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Client bought a rental home in 2008 for 46000. This past year, he moved into the home for his personal residence. What do I need to do as far as taxes are concerned. Anything with the prior depreciation?
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IRonMaN
Level 15
12-06-2019
04:35 PM
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If he didn't rent it at all in 2017, print off the depreciation schedules for future reference and delete schedule E and all of its attachments. You will need the depreciation schedules if he ever sells the home.
Slava Ukraini!
tilt53
Level 3
12-06-2019
04:35 PM
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Even if it was lived in for part of 2017, enter the date on the asset worksheets for when it became a personal residence. Then print the depreciation schedules as the coyote says. Don't forget to print them for the state also.
itonewbie
Level 15
12-06-2019
04:35 PM
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To be precise, enter the date when it was taken out of service, no longer ready and available for rental :+1:
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tilt53
Level 3
12-06-2019
04:35 PM
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:+1:
taxu2
Level 4
12-06-2019
04:35 PM
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Thanks guys!