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Investors & landlords
Don't enter your personal days. That is only used for personal days AFTER it was converted to a rental (generally when you go back and forth between rental and personal).
When you enter the "placed in service" date (the date it became AVAILABLE to be rented), that already prorates the depreciation. If it was in July, you would get 5.5/12th's of a full year of depreciation (the first month is a half month, regardless of the exact date).
For your deductions, you will need to only enter the amounts that pertain to the rental period. That means you usually need to MANUALLY prorate some of the expenses, such as insurance, real estate tax, etc.
‎February 3, 2025
2:29 PM