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A
aya
Level 3
March 29, 2024
Question

rental home into personal resident

  • March 29, 2024
  • 1 reply
  • 12 views

What do i enter when client turns his rental residential home into his own home in depreciation and anywhere else?

    This topic has been closed for replies.

    1 reply

    IRonMaN
    IRonMaN
    Level 15
    March 29, 2024

    You stop depreciating the property and hang on to the depreciation schedule for future reference when he sells the house.

    Slava Ukraini!
      A
      ayaAuthor
      Level 3
      March 29, 2024

      Do I enter the date where it says Date disposed or sold or retired and that's the only thing to do for now I guess?

        IRonMaN
        IRonMaN
        Level 15
        March 29, 2024

        In ProSeries you can enter a sold date and not enter a sales price to make it stop depreciating, but I don't know if Lacerte is as kind as ProSeries is in those situations.

        Slava Ukraini!
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