@rajamony wrote:
I went back into my .tax2014 return and see that I answered "Purchase Date" as December 2010 and the "Available Date" as 8/3/2012. The dialog box in TurboTax 2014 says (said): "Also enter the date the rental property was ready and available to be rented out as well as the original purchase date". The property was prepped between 2010 and 2012. Should I have answered "Available Date" as the date it was really put into service as opposed to the date it was available to be put into service?
The "placed in service" date is when it is ready, available and advertised for rent. So what was the exact date that it let it be know it was available for rent, and somebody could have moved in?
That is the date that you SHOULD have started reporting depreciation and should have been reporting a rental on your tax return. So as of now, it sounds like you filed your first rental tax return in 2014, but entered 2012 as the placed in service date (which is why the program is not carrying forward those amounts).
Once we figure out that "placed in service" date, we can figure out the accumulated depreciation.
