The way it has been worded is extremely tricky as it says percentage of time I used this item for this business. Under 'Tell us More about this rental asset' I have clicked the radio buttons for:
- No, I have not always used this item 100% of the time for this business.
- I first used this item at least part of the time for this business, and also used it for personal purposes.
Date I started using it in this business: 10/1/2015
Percentage of time I used this item for this business in 2022 (e.g., 80%): 100
Updating the 50% to 100% did not change my refund amount or deductions & credit (50% of mortgage interest and property expenses). But it did significantly change my rentals and royalties amount. The real estate taxes, insurance premiums, repairs, cleaning/maintenance and mortgage interested on Schedule E are still showing all 50% of actual expenses.
Do these changes sound right?
I went back to previous returns in TurboTax. It looks like 2015 tax return is no longer available and you are right that the PDF that I saved is not the full version. I was able to look up the 2016 tax return in TurboTax (which was a lot more detailed than the 2016 PDF tax return PDF version I had downloaded). And the 2016 rerun does show a 4562 with a Cost (Net of Land) amount. I can confirm that I purchased property on 9/2/2015 and started renting on 10/1/2015 (up until May 2020 when it converted to primary residence and then rental again May-Oct 2022).
