EDESP
Level 1

In 2023 taxpayer moved into rental home.  Home rented since 2017.  ZERO days rented in 2023 (proseries is giving an error on Schedule E saying must be at least 15 days rented - so I presume I'll have to delete the Sch E).  183 days as Primary Residence in 2023.  When 7/1/23 is entered as a "disposition date" depreciation still calculates. When entered as 1/1/23 depreciation calculates for 1 day.  No box to check to state "converted rental to primary" (like turbo tax does).  Where do I / how do I enter correctly?

AND

Is depreciation recapture due on sale OR on conversaion to primary?

Thankyou!

 

0 Cheers
IRonMaN
Level 15

Print the 2022 depreciation schedule and keep it in the client's file for the day that they do actually sell the property.  Then just delete the schedule E worksheet and the related deprecation schedule.


Slava Ukraini!
Terry53029
Level 14
Level 14

Depreciation recapture is due on sale