jklcpa Posted March 14, 2008 Report Share Posted March 14, 2008 Clients have a property that was a vacation/rental for the first 2 yrs owned. Depreciation carrryovers were created due to income limitation. For 2007, clients decided to not rent this year & are using 100% personally. This property may or may not ever be a rental again. The only item on Sch E is the "Vacation Home Carryover." I'm not sure if it's best to mark each asset as "converted to personal" or indicate business use % as 0%??? Should I file the Sch E with the return showing zero rental & the carryover? If it's never rented again, what happens to the c/o? Is it just lost? Quote Link to comment Share on other sites More sharing options...
Daune/CA Posted March 14, 2008 Report Share Posted March 14, 2008 If it's never rented again, what happens to the c/o? Is it just lost? Quote Link to comment Share on other sites More sharing options...
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