You will enter your property information in the Property Profile category of TurboTax. In TurboTax CD/download, you access Property Profile by selecting Business, then Business Income and Expenses, then Rental Properties and Royalties. Over more than several screens you will enter some basic information about your property and your involvement in the rental business. Then you will see a Review of Rental Summary screen where you can select Property Profile and begin to enter more specific information about your rental.
Even though you did not rent your condo in 2022, if you made it available for rent then you can begin to deduct your rental expenses for 2022, including depreciation, even though you did not have a tenant. An important point to remember about rentals is the date the rental unit is available for rent. That becomes the date from which you can begin to deduct expenses. If the condo was not available for rent until 2023, then 2023 is your start date for deducting expenses.
In TurboTax online, the process is similar. From Wages & Income, scroll down the screen and under Rentals, Royalties, and Farm, select Rental Properties and Royalties. From that point, you will enter the basic information about your rental. On the rental property info screen, is where you can select various options relating to your condo such as, general information, rental type and usage, and owner information.
@pgarora
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
