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    phdhub1's Avatar
    phdhub1 Posts: 5, Reputation: 1
    New Member
     
    #1

    Feb 29, 2008, 09:19 AM
    Depreciation on temporary rental of personal residence
    I rented my house out for one year while on sabbatical. I claimed depreciation for the fraction of the year in 2006 during the time the house was rented, and now need to claim the remainder of that year for the time the house was rented in 2007. The problem is that my tax preparation software, TAXACT, appears to allow only two ways to allow a termination of service/disposal of the property: sale of the property or like-kind exchange, neither being the case at hand. How do I indicate a date at which the property was retired from service, i.e. converted back to personal use, so that the software doesn't assign a full year of depreciation to my form? On what federal form would this be reported and how? Thanks for any help here.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Apr 16, 2008, 02:04 PM
    State you used the house for personal use for the days you lived there, then TaxAct will pro-rate the deprecation.

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