Question on the DID YOU MAKE IMPROVEMENTS TO THE RENTAL IN 2022? We did, by way of the HOA-mandated property improvements assessments of $20k, but you said we can't count those as an Asset in the year that we converted the property to personal use, even though the unit was "in service" during the period we paid those assessments, right? So on this screen asking if we made improvements, should I say NO? (And them I'm just holding those details to add to cost basis along with the late-year bathroom remodel)?
Also, I have Edited each Asset to show it coming out of service 12/15/22 and that flows for all the non-RE-property assets I've added to depreciate over the years. But when it comes to the RE Property itself, those screens look different. On the TELL US MORE ABOUT THIS RENTAL ASSET screen, where all thru the years it was checked "I purchased this asset"... do I now additionally mark "This asset was sold.... converted to personal use.." now? If yes, I still keep the "I purchased this asset" box checked AND the "converted it" box checked?
Finally, you mentioned "If you claimed any vehicle use for that rental at any time while you owned it, and even if less than 100% business use, you must work through the vehicle expenses section to show the disposition of the vehicle. That too will be shown as removed for personal use." Does it end there?? Reason I ask is I never listed the vehicle as an asset to depreciate -- it was my personal car that I only used for trips to the rental to check on it, with mileage calculations. Do I really need to go thru that "recpature" screen? (Wages/Incoe, Business Deductions/Credits >Sale of Business Property? I started going thru that and it's acting like it's a previously taken section 179, but I don't think my personal car for occasional business miles is the same thing?? Not sure where to stop with taking the car out, if at all.
Thank you
