- First, TurboTax will ask for prior depreciation when you enter each asset if the date placed in service is prior to 2023.
- That makes sense. I entered 2023 because it asked if this was the first time I used it for "this business" and I thought of the room rental as a new business. If I enter the date that the whole house was first rented, it thinks I have many more years of depreciation taken than i do because it wasn't "in service" every year.
- Since the date "acquired" I have done several home improvements and land improvements. Some are on the whole house, some on the room only, and some to areas of the house the roommate doesn't use. Would I need to enter each improvement and date separately or can I enter all costs as one asset?
- Is it ok to enter 2023 as the first time in service, no prior depreciation and just keep my own spreadsheet to track what was taken?
You said not to enter land value at all, so should i not include land improvements as well? TT does say to include land value of residential real estate, and then subtract it.
Thank you so much for your help!!!!
