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January 17, 2025
Question

TT Business 2024 - convert rental house to personal use

  • January 17, 2025
  • 2 replies
  • 0 views

I use TT Business 2024 to do taxes for my rental property.  We converted to personal use in 2024, and I cannot figure out how to tell TT Business 2024 to switch the house to personal use. Can you please give me a step-by-step including how to remove depreciation of assets.  Thank you.

 

 

2 replies

MGood1Author
January 17, 2025

The house is in an LLC, if that makes any difference in your answer.  Thanks.

January 17, 2025

TurboTax Business?

 

Is this a Corporation or is this a Partnership?

 

Was the house distributed to you?  Does the Corporation or Partnership still exist?

 

If the rental was in a Corporation or Partnership and it is not being used for personal use, you REALLY  need to go to a tax professional this year.