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On Individual screen 22 what's the difference between two methods of removing depreciation expense?
Hi community,
Client needs to convert a single-family rental property to primary residence for the year of 2022. The property was rented out in previous years so I need to delete depreciations for 2022. Client might want to re-rent the property in future years so we want to keep property information in Lacerte instead of deleting it completely.
I found two methods to achieve this goal:
- On Individual screen 22 put -1 in Current depreciation/amortization to override prior year date
- Put 1= delete this year in Additional Information
So I wonder what's the difference between these two methods? Thank you very much!
