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How to manually adjust Form 4562 on a previously rented property?
I have just converted my primary residence to a rental property in 2024. The same property was previously rented out for 3 years between 2012-2015. How do I tell Turbotax my adjusted cost basis with prior depreciations and the remaining life of the property? I tried going to the Assets Worksheet Row 10 for prior depreciation. Is that where I should do it? Even if I do that, I still can't find where to adjust the depreciation period from 27.5 to 24.5 years. Please help. Thank you.
March 9, 2025
8:58 PM