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

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
Level 2

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.  

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Solution

Accepted Solutions
IRonMaN
Level 15

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


Slava Ukraini!

View solution in original post

0 Cheers
3 Comments 3
IRonMaN
Level 15

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


Slava Ukraini!
0 Cheers
Golfer2016
Level 2
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.
0 Cheers
Golfer2016
Level 2

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

0 Cheers