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rental house converted to residence, how to recapture deprec

 
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Sherman



Joined: 25 Aug 2007
Posts: 2

PostPosted: Fri Apr 30, 2004 1:05 pm    Post subject: rental house converted to residence, how to recapture deprec Reply with quote

How to "suspend" depreciation on rental property that has
been converted to primary residence and will not be sold for
at least two years?

How do I "suspend " the yearly depreciation calculations in
Schedule "E" and save the accumulated depreciation for use
when the property is sold?

(I have been using Turbo Tax Pro, Schedule "E" to track
yearly depreciation on a rental property. In July 2003 I
converted the rental property to my primary residence. It
will be at least two years, August 2005, before I sell the
property)

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Mike Lewis



Joined: 25 Aug 2007
Posts: 97

PostPosted: Mon May 03, 2004 12:56 pm    Post subject: Re: rental house converted to residence, how to recapture de Reply with quote

"Sherman" wrote:

> How to "suspend" depreciation on rental property that has
> been converted to primary residence and will not be sold for
> at least two years?
>
> How do I "suspend " the yearly depreciation calculations in
> Schedule "E" and save the accumulated depreciation for use
> when the property is sold?
>
> (I have been using Turbo Tax Pro, Schedule "E" to track
> yearly depreciation on a rental property. In July 2003 I
> converted the rental property to my primary residence. It
> will be at least two years, August 2005, before I sell the
> property)

On the date you remove the property from being used for
rental, depreciation stops. When you sell such property, you
must recapture as ordinary income the depreciation from a
specific day in May 1997 thru the date of final rental use.

Mike Lewis, CPA

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