@TurboTaxDeeS I turn my primary home into rental home in July 2013 and have been using Turbo Tax to file my taxes for 2013, 2014 and now 2015 (Home and Business version). Under "Review Information" for my rental property in 2015 Turbo Tax, I have the "Date" where the property first turned into Rental i.e., 7/4/2013, "Asset Type" to be I-Residential rental real estate, "Cost" was the purchased price of the property when I bought it in May 2007 ($825K). I want to check if this is the correct value I should put under "Cost"? Or it should be the FMV of the property in 2015?
Under "Land", I have $303,500. I can't remember where is value coming from. My property is a Townhouse/Condo. I suspect this amount is coming from the Property Tax document back in 2013 when I first entered into Turbo Tax. My question, is this the right way of doing it?
Finally, I have "Prior Depreciation" to be $23,436. Again, I am not sure how this is being calculated. Please advise.
My Business % this year (2015) is still 100%.
