Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Change in asset from Sch C to E

taxesbydot
Level 3

Client retired and has decided to rent out his commercial building. How do I switch the asset from Schedule C to Schedule E? I stopped depreciation on the Sch C with a disposition date of 8-31 and no entry in the sale amount, but how do I move forward with a partially depreciated building on the Sch E?

0 Cheers
2 Comments 2
Terry53029
Level 14
Level 14

Just use adjusted basis for the schedule E, and date in service when available for rent

taxesbydot
Level 3

Thank you. That is what I did, but then does the life stay at 39 years? And this will be first year depreciation for the Schedule E?

0 Cheers