I rented out 2/3 of my home for some years in the past and claimed depreciation and expenses on it.
I then converted to home to personal use and I lived in the home for a couple years.
Last year, I rented out the home again, but this time I rented out the entire home.
Few questions:
- Will I have to enter this as a new home in Turbotax or should I continue the old rental somehow
- For depreciation, @Anonymous_ mentioned before that I will need to re-calculate the fair market value of the home or the adjusted basis and deduct any depreciation I have already claimed when it was a rental before. Does this reset the depreciation period of the home to be the full 27 1/2 years based on this new value?
- Does moving from a 2/3 rented home where I only used 2/3 of depreciation to now 100% renting home affect how the deprecation will work with this new rental?
- How would I go about doing this in the turbotax product? Will it prompt me with the right question/autofill (e.g how much depreciation was used before) or will I need to enter some things manually?
@Carl @Anonymous_ I've gotten answers about this depreciation from each of you in previous discussions, so definitely value your input if you have any thoughts on this scenario. I did not find other discussions about rental -> personal use -> and then back to rental.
