As you go through the Schedule E Rental Income and Expenses section to get your rental property set up, TurboTax will calculate your depreciation deduction for 2023 based on the date that you converted the property to a rental.
The date you converted the property is the date that you started advertising it and making it available to rent. It is not necessarily the first day it was rented. Be sure that when you enter information about the days rented and the personal use days that you do not include any personal use days. This is referring to personal use days after the date it was converted to a rental property.
When you go through the section to enter information about the cost of the property, your purchase date, and other information needed to calculate the depreciation, be sure to include the remodeling costs as part of the basis of the property if it occurred prior to you making the property available for rent.
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