Rental Property Split Year Assets/Depreciation Issue

[carlRcraw]

I have a mixed-use vacation property. In 2023 a client paid me to stay in my vacation home starting Jan 1, 2024. I submitted the income in my 2023 taxes (Schedule E has the income) last year, and claimed 0 rental days and 0 personal days. I had never rented the property before and we had been using it on-and-off during 2023. The renter took posession of the property on Jan 1, 2024. I am working on the expenses for 2024 and when Turbotax walks me thru the Assets/Depreciation section it ends the process without asking me to enter any of the depreciation items. It sends me back to the Rental Summary page and shows $0 for that section. What am I doing wrong or is there a software issue?

(I also claimed De Minimus option, which appears to be working). 

[DianeW777]

It depends. When you choose to add an asset, by selecting to 'Add an expense or asset' you will enter the cost of the unit then the land portion of that cost. Once you have entered the property into the asset section, the depreciation will be calculated automatically. Be sure to finish that section. 

Enter your Vacation Property/Rental Property:

1. In TurboTax, search for rentals and select the Jump to link at the top of the search results.
2. Follow the on-screen instructions as you proceed through the rental and royalties section.
   • On the Rental Summary screen, which is where you enter your rental income and expenses, assets and depreciation, etc
3. When you enter your rental house as an asset be sure to select Residential Rental Property, then follow the screen prompts to enter all the details