I owned a rental, moved into it, then moved back out and started renting it again last year.
2014-2018: Bought property, used as a rental and deducted depreciation (3.5 years)
2019-2021: converted property to primary residence and did not deduct depreciation (2.5 years)
2021-now: property is again a rental
I put "Date placed in service" as the day I started advertising the property last year, since I'm converting it from personal use.
I'm trying to figure out how to correctly record depreciation going forward in Turbotax. I have my prior depreciation from 2014-2018 ($29k), and I do see line 10 on the Asset Entry Worksheet for recording "prior depreciation." I can fill that in, but Turbotax complains "Prior depreciation should be blank"
I'm also not sure how to adjust the asset life, given that it's already been used in some form or another for 7 years since I purchased it. If I look at the Asset Life History, it shows the asset depreciating all the way through 2049, which seems probably wrong.
What am I missing? Thanks!
