Investors & landlords

Now it has populated these line items with 50% of the expense amounts I entered for each respectively.

To clarify, when you have converted to rental (on Oct 1 per your prior post in this thread) and you elect to have the program do the splits for you, the only thing split is mortgage interest and property taxes. That's it.

For all other rental expenses, you only enter those rental expenses incurred after the date of conversion (Oct 1 according to you) and all of those are 100% deductible. That means that you (not the program) will have to manually prorate the property insurance.

Percentage of time I used this item for this business in 2022 (e.g., 80%): 50

That's wrong on two fronts. For starters, if you placed it in service in Oct, that's not 50% of the year. Not even close. Second, it's asking for percentage of time starting from the date you placed it in service. So if you placed it in service on Oct 1 and you never lived in the property as your primary residence, 2nd home, vacation home or any other type of "Personal pleasure" use after Oct 1, then it was used 100% of the time in this business.

The property we are discussing about is a condominium, not a house. Hence, the COST OF LAND should be zero, correct?

Usually. But not necessarily.

I am looking at my TurboTax return from 2015 but not able to see the COST that was entered back then. Where can I find it?

Assuming you saved the 2015 return in PDF format, and that you elected to save everything, look for a form 4562 that prints in landscape format. There's two of them, and you want the one titled "Depreciation and Amortization Report". It will list all assets for that rental including the property itself. Two columns for the property asset are:

Cost (net of land) - This is the value of the structure.

Land: This is the value of the land. If that column is blank for that asset, then there was no part of the cost basis allocated for the land. The specific form I'm referring to is below, with the two columns circled in red.