Re: Converted rental property to residence on January 1

david3

TP was divorced in 2024 and converted his rental property to his residence on January 1.

I'm trying to stop depreciation on the rental property for 2024 and keep the rental property information available for when the property is rented again. However, PS doesn't allow a disposal date of 12/31/23, I have to enter a disposal date of 1/1/24.

This results in one day of depreciation for 2024.

How do I keep the rental information in PS for future use and not report depreciation in 2024?

Thank you.

Just-Lisa-Now-

Change the Business Usage on the Asset Entry worksheet to .01%

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

View solution in original post

IRonMaN

But if the asset is entered with a sales date, doesn't it disappear next year anyway? Do you gain anything additional going that route vs just printing the depreciation schedule from the 2023 return and deleting the asset in 2024?

Slava Ukraini!

IRonMaN

Never mind - I just woke up from my nap and realized what you said 😁

Slava Ukraini!

david3

Thank you, Lisa.

That worked. I should have thought of that.