Rental house no longer rented

[Kea]

Client had been renting house to relative at FMV. In 2010 rental income declined to below FMV & she stopped renting it out at the end of December 2010. How do I show this on the Asset worksheet?

The only disposition choices are sale, installment & like kind exchange. It's none of these. Asset was not disposed, just taken out of rental service. Do I just take it out in 2011? The specific amount of depreciation won't be a significant factor since she can't write off the loss in 2010 anyway.

ATX had a "moved to personal use" option. Not sure what to use as a work around.

Thanks!

[Terry D EA]

First reation out of the gate was to do exactly as you stated. Conver to personal use. The only way that I see to to handle this is to do the conversion manually. Record the depreciation take for this year and do not go forward in 2011. Maintain good documentation for your client that supports his/her position. If there is another method within TRX, then I would like to know as well.

[Kea]

Thanks. I guess I should add this to the RedGear suggestion box. I also need this feature for *my* computer I switched to personal use. I asked about it before, and never heard anything. Then got busy working for clients and still haven't completed my return yet. This feature (or lack thereof) has only come up twice this season, so I guess it's not really a high priority.

Thanks for the confirmation of my "work around."

[Crank]

Im curious about this also for the rental.

For business equipment couldnt you show a sale on 4797 for the adjusted basis amount? This would obviously show no gain or loss and then the adjusted basis would passed to the TP as their basis in the asset for personal use.