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How to change rental home to personal residence.

taxu2
Level 4

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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1 Solution

Accepted Solutions
IRonMaN
Level 15

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!

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5 Comments 5
IRonMaN
Level 15

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!
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tilt53
Level 3

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.

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itonewbie
Level 15
To be precise, enter the date when it was taken out of service, no longer ready and available for rental :+1::+1:
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Still an AllStar
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tilt53
Level 3
:+1::+1:
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taxu2
Level 4
Thanks guys!
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