I started renting my house in September of 2019. I am adding the property as an asset for depreciation. On the "Tell us More About This Rental Asset" page, I have three questions.
1) Should I mark that I purchased the item new? I bought the house as new construction in 2003.
2) It asks "Have you used 100% for business since acquired." The answer is no, I lived there through 09/2020. When I mark "no" I enter the date I started using, then is asks for percentage of time. Is that for 2019? Or since the date I started renting (Sep, 2019)? I'm not sure if I should put 100% or 33%.
3) When I hit continue it goes to the next page and gives me an amount of depreciation taken in prior years. Why does it show anything since this is my first year of using in a business? Should I zero that out?
Generally I like Turbo Tax, but this section is very frustrating. There are no instructions and the wording does not make clear what is needed. Since I'm not seeing how it will populate on the Schedule, I can't go to the IRS for guidance on the question either.
