Hi,
This is a little big confusing question.
My situation: I have rented out one property for 10 years, and just open a new business in 2023 Jan and switched its ownership to the new business name. And the same amount of income came to the business account after then.
What should I do for this question "Do any of these situations apply top this property?" in the TurboTax Business tab?
Currently I selected none, but should I select '2023 was the first year I rented this property' because of the new ownership?
I am asking because The Review shows an error "Schedule E worksheet Sec 179 Carryforward-Reg should not be entered, because this rental property is not a commercial property". I did not have any carryforward so entered 0. This asks the positive number. Any help for this?
