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Updated over 3 years ago on . Most recent reply presented by

User Stats

870
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345
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Frank S.
  • Specialist
  • Chicago, IL
345
Votes |
870
Posts

Removed Property from Market and Schedule E

Frank S.
  • Specialist
  • Chicago, IL
Posted

Hi there, 

What happens when one stops renting a particular property. 

This is not related to a sell, so no recapture taxes apply. The reason is simply that there was no effort to rent such unit for a year.  This is not due to market conditions or improvements. 

In that case, I assume no deductions and depreciation can be taken on Schedule E.  Sch. E would show losses, but zero income. 

Are all the deductions simply paused until a future year?  

If the unit is eventually turned into a private residence, this will trigger Schedule A instead. 

Thanks, 

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