ThomasM125
Expert Alumni

Get your taxes done using TurboTax

You are actively involved in the rental as you maintain the space rented. It will still be considered a passive investment since it is a rental activity however. Technically, you should enter as an asset and depreciate the rental space as when you sell the condo someday you will need to consider the depreciation when you account for any gain. You can simply divide the square footage of the parking area by the same of the whole property, then multiply that by the cost of the property to get the cost of the parking place and enter that in TurboTax when requested.

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