csanchez
Level 4
04-10-2021
04:52 PM
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Taxpayer decided to no longer rent one of their properties. No income for 2020. How do I remove the property from service?
7 Comments 7
Level 15
04-10-2021
05:42 PM
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On the asset entry worksheets for th rental, enter the date of "disposal" but no sales price. This stops the dep as of that date and takes it out of service. Print out the depreciation details sheet to save in case it becomes a rental again or gets sold, so you'll have the deprecation information.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
csanchez
Level 4
04-10-2021
06:08 PM
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If I enter 01/01/20 as date of disposal, there is still a small amount of depreciation for 2020. Report it or delete the Sch E?
IRonMaN
Level 15
04-11-2021
09:38 AM
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Absolutely!
Ukraine - hang in there