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Investors & landlords
Hello new landlord ... just a few tips. In the year of the conversion from personal use to rental the personal use days AFTER the conversion will be zero and you should prorate the expenses manually and only enter the rental portion in the Sch E section. Also depreciation is a requirement and not an option ... do not skip the asset section. https://www.irs.gov/pub/irs-pdf/p527.pdf
‎January 6, 2024
8:13 AM