No, you should not take the rental property out of TurboTax for 2022, you simply indicate it was not rented in 2022. It should come forward in your 2023 tax return but keep all of your 2022 tax return data just in case you need to reenter it in 2023. As indicated by our tax expert @MinhT1pProperty is depreciated when it is placed in service as opposed to when it is purchased. All renovations which will be a capital improvement to the property will be a new asset to list in 2023 when it is actually placed in service for rental use.
If temporarily the property is idle see below (and not converted to personal use for any reason).
- Idle Property. Continue to claim a deduction for depreciation on property used in your rental activity even if it is temporarily idle (not in use). For example, if you must make repairs after a tenant moves out, you still depreciate the rental property during the time it isn’t available for rent.
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