Skip to main content
February 3, 2020
Question

Does my business% useage change from 100% when I convert my rental to my primary home on 5/1/2019? It was available as a rental through 4/30/2019.

  • February 3, 2020
  • 1 reply
  • 0 views
No text available

1 reply

February 3, 2020

Yes - As of May 1, your business use went down to zero.

 

To indicate that you were no longer renting the home, please follow these steps:

  1. Click on Federal  > Wages & Income 
  2. In the Rentals, Royalties and Farm Royalties section click the Revisit box next to Rental Properties and Royalties (Sch E). 
  3. On the Income from Rentals or Royalty Property You Own  screen, click Yes.
  4. If you have already started adding information about your rental, you will come to the Rental and Royalty Summary screen.  Click Edit next to the property. 
  5. On the Review Your [address] Summary, click the Update box next to Assets/Depreciation.
  6. Continue to the Property Assets screen and click Edit next to your house.
  7. On the screen, Tell Us More About This Rental Asset, mark the box that The item was sold, retired, stolen...(or no longer being used in this business...
  8. Enter the Date you retired it from use (04/30/2019)
  9. Mark the radio button, Yes, I've always used this item 100% of the time for this business. [during the time it was a rental].  Click Continue.