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Entering improvements to a rental property for depreciation
What is the process in TurboTax desktop for entering improvements made to a rental property so that they can be depreciated? It seems I may be on the right page under "Your Property Assets", but I'm not sure how to fill out the details if I add it all as one asset for the year. Was the asset "purchased"? What would be the "placed in service" date if the renovation took a few months while the unit was vacant?
Thanks!
March 12, 2024
1:17 AM