For depreciation purposes, treat the property as being placed in service (ready to rent) on the conversion date(Schedule E)
Any repairs or work done on a building before it is placed in service as a rental property is capitalized.; they are not a current deduction.
If you used the property for personal purposes before changing it to rental use, its depreciate basis is the lesser of its adjusted basis or its fair market value when you change it to rental use.
Your adjusted basis on the date of the change—that is, your original cost or other basis of the property, plus the cost of permanent additions or improvements since you acquired it, minus deductions for any casualty or theft losses claimed on earlier years' income tax returns and other decreases to basis.[separate land value ,land is not depreciated] .
Turbotax will separate when you enter the total calculated adjusted value then the land value.
Your purchase date is entered on this screen.
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Screen "Tell us about This Rental Asset"
No To : Have you used this item 100% for this business since you acquired it?"
In the drop down select first used for personal before business.
Ensure you use date placed in service ready to rent 12/01/2016 [100% is from this date]
Passive losses are deducted only against passive income, if there is not enough income the difference is a carryover to future years .
