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Y
YKubis
Level 3
March 6, 2025
Question

Converting rental property to personal use

  • March 6, 2025
  • 1 reply
  • 6 views

Hello lovely community,

 

I have a new client who has a rental property (reported schedule E for 2 years), and in 2024 decided to convert it into vacation home (personal use). How should I treat this conversion? What will happen to the building depreciation? 

Thanks

YK

    This topic has been closed for replies.

    1 reply

    IRonMaN
    IRonMaN
    Level 15
    March 6, 2025

    Print off the depreciation schedules that you have for future reference in the event he sells it at some point and then delete the schedule E and related depreciation schedules.

    Slava Ukraini!
      Y
      YKubisAuthor
      Level 3
      March 6, 2025

      Thanks for the response. I though there will be depreciation recapture with this conversion, no?

      IRonMaN
      IRonMaN
      Level 15
      March 6, 2025

      Only when they actually sell it.

      Slava Ukraini!
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