DianeW777
Expert Alumni

Investors & landlords

This is a separate apartment and you can use single family house since no personal use exits. You should use 100% rental use in 2024 and you will enter the date the asset was placed in service when you enter the asset. Since it is attached to your main residence, then you wouldn't need to enter any land value. TurboTax will calculate the correct depreciation by selecting 'Residential Rental Property'.

 

My advice is to calculate the personal and rental portion of any expenses that apply to both such as utilities, real estate taxes and mortgage interest. Enter the appropriate numbers into the rental activity and personal portion under itemized deductions, as you indicated.

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