Thanks for the reply!
Just to be clear.... I rented the property and claimed the revenue, expenses, and depreciation for the property for several years through part of the 2021 tax year. I spent the entire 2022 tax year remodeling and did not try to rent at all. Remodeling is done and I will start renting again in 2023.
What I'm hearing you say is that I don't have to enter anything pertaining to the rental property for my 2022 return. In 2023, I can start claiming the revenue, expenses, and depreciation again and I will just be prompted to enter some of the values from my 2021 return. Is that correct?
When you enter a rental property in TurboTax, is there an option to select "re-renting" or "re-activating" a previous rental?
Does the 2022 remodeling cost reduce my future tax burden for 2023? How exactly is that captured in TurboTax? Does it ask how much you've spent on improvements?
Sorry to ask 1000 questions. I just want to make sure I don't lose out on tax benefits from the $40k I've spent on improvements.
Thanks in advance.
