I purchased my home in 2011 and in 2023 I rented out a room part time.
I have previously rented the entire home.
For depreciation, when I enter the room rental as an asset, TT asks for date acquired, 2011, and date placed in service 2023. For all the different improvements done, do I need to enter each one separately with it's own date, or can it be lumped all together with the same date put in service?
Should I subtract prior depreciation from the cost in this first entry of the "room rental?"
Do I reduce the entry by the percentage of the home rented?
I see where I can enter the business use percentage in TT and the software will do that calculation for me.
thanks for any help!
