Yes, it will however I would recommend indicating it was rented all year and fair rental value (FRV) assuming your rent is close to the rent in your area for the same type of property. As indicated by our tax expert @AmyC, and I concur, you should do the math.
You will prorate the mortgage interest and real estate taxes, insurance based on personal use days and rental days in 2024. Any expenses after the rental activity began (placed in service date) would be rental expense.
When you enter the asset for your rental property you will be asked the date placed in service. TurboTax will calculate the depreciation accurately for the time in service during 2024. In the screen image select converted from personal to rental, however as indicated you should respond to the questions above as instructed. If you have land be sure to enter the full cost and then land in the space provided. Again, TurboTax will reduce the cost by the land before calculating the correct depreciation.
@GSP2025
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