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Get your taxes done using TurboTax
Following up on the above. I have added the rental as an asset in TT. I owned it from 01/2004 till 07/2023, when I sold it. It was put in service as a rental in 04/2009 (continuously until the final sale).
Question 1: When I first added it, TT came up with a depreciation amount of about $18k and pre-filled the field shown in the screenshot. I have set it manually to 0 since I never took depreciation. Is this the correct way to proceed in TT?
Question 2: Moving on to the sale of the asset, TT asks for asset sales price but Business Portion only. Is the business portion calculated as the proportion of days the asset was used as a rental to the total days I owned it? (see second screenshot). It's a condo and of course I sold it for one price, how am I to calculate the Land Sales Price?
Thanks!