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Get your taxes done using TurboTax
Carl,
One clarification on what date to enter at the bottom of the relevant TurboTax page asking for Cost, Cost of Land and Date Purchased or Acquired. You stated:
"Basically, you will show the property "in service" in 2022 with an in service date of whatever day a renter "could" have moved in. Depreciation will start over from year 1, using a newly established cost basis that takes into account depreciation you have already taken."
So do I enter the date we originally place the house into rental (back in the fall of 2007) or some date in 2022? My confusion comes from "depreciation will start over from year 1."
Also, just to confirm, the entry in the COST block should be the sum of the new cost basis of the structure and the land, not just the cost basis of the structure.
Thanks!