I have rented out my vacation home to short term rentals since 2016 and filed Sch E. 2023 only rented for 14 days. My understanding is I should delete Sch E from the 2023 return. The income and expenses are not reported. The property taxes can be claimed on Sch A. Assuming the the unit rents for more than 14 days in 2024, I'll have to reenter all the information about the property in the 2024 return. I found the suspended losses and the Depreciation in the Carryforward to 2023 worksheet in the 2022 return.
Is this the correct way to handle the 2023 taxes?
To do this I tried using Step by Step, but Sch E was still there. I went to forms and deleted it. Seemed to work.
1) Will Turbo Tax know not to depreciate for the year 2023 when I reenter the property in 2024 taxes?
2) Does that depreciation number include all assets associated with the property? Is there a listing of all assets that it is depreciating so I am sure to get everything reentered correctly?
Any insights would be appreciated.
