Yes. You should add the price you paid as another asset for the same house for 2024. It will be placed in service on the date of the purchase. Do not add it to the half of the house you already list as an asset. Once you convert the property to personal use as your home, you will indicate that in the rental assets.
Keep all of the records to show your actual cost (begins with the house exchanged using 1031, and this purchase) and all of the depreciation you used on your tax returns. This information will be needed should you sell in the future and will be a taxable event for any gain.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
