Have a Tax Question? Ask a Tax Expert
Hi and welcome to Just Answer!
Actually - you converted the property from rental to personal use. There are no any tax complications unless you eventually will decide to sell the property.
You should stop depreciating property when you retire it from service, even if you have not fully recovered its cost or other basis.
If you rented the property part of 2010 – you will file the schedule E and report your rental income and rental expenses for that part of the year.
Let me know if you need any help or clarification.