Indicate in the property's asset/depreciation section that you stopped using the property in business along with the date. This will stop depreciation at that point. Continue on to confirm depreciation amounts for recapture and calculate any remaining depreciation for the year. Do this for each asset you have listed. Be sure to save all the worksheets for next year's recording of the sale.
The property taxes are a deduction from rental income up to the 75% and the remaining 25% is now a personal expense of a second home. You can deduct that portion on your Schedule A if you itemize your deductions.
The rehab expenses you had in 2023/2024 adjust your basis and comes into play next tax season when you record the sale of the business property in 2024. These are not selling expenses.
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