AmyC
Expert Alumni

Investors & landlords

Regarding asset depreciation, you can change the business percentage each year since use does vary. This year, you will enter the asset in the depreciation section and the program will ask the percentage for 2023. The next screen will ask you to verify or enter the correct amount of prior depreciation. 

 

For 2022, I am going to assume the property was held out for rent on all days except when you were vacationing. Work days are not personal days. This would mean 355/365 days were available for rent.

 

The IRS has Pub 527 which is full of helpful information, if you want to dig in.

 

There are more comments below which are correct about how to handle the rental property overall and including the number of days for allocation of expenses.  [Edited 1/16/24 8:08 am] @msvhughes

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