PatriciaV
Expert Alumni

Investors & landlords

There are three dates that relate to any Rental Asset:

  1. Purchase Date - the date you actually purchased/acquired the rental home, or a finished rental asset
  2. In Service Date - the date the asset was available to be used for a rental purpose (not always the first date a renter used the asset)
  3. Disposal Date - the date you stopped using the asset as a rental

Your home & basement have the same purchase date. The in-service date would be the first day your rental space was ready and available to be rented (or listed with an agent). The disposal date was either the date the last renter moved out or the date you decided to stop using it as a rental (whichever is later).

The renovations you made would have the same in-service and disposal dates as the basement. But the "date you acquired" would be different; this would be the date the renovations were complete.

The purchase dates for the appliances should be obvious. But the in-service date would be either the date the space was available to be rented, or the date the appliances were installed, whichever was later.

When reporting the disposition of all rental assets, you should only need to enter the date of disposition (stopped using it for rental). The purchase date should be brought over from the asset entries you made. Note that you will need to report the disposition for every Rental Asset you enter, indicating they were converted to personal use.

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