I had just one rental. Bought as a primary residence in 2016, lived in it for 11 months and then converted it to a rental property. in 2019 I sold it. I did renovations before moving out in 2016 and again in 2019 to prepare for sale (these were more minor). I'm filing in my "Rental and Royalty Summary" where I've got the property itself and then within that property I've added a few of those improvements under "Sale of Property/Depreciation" I have the property itself and the assets. My confusion is, when I go to open the assets the % for business use appears random - it's for values less than 100%. But all the assets under this property have been 100% for business use after the date I started renting it, right? Does this mean that I made an error in previous year return and I need to change the auto-populated percentage to 100%? Or, is this somehow an auto calculation based on the time I lived there vs. rented it.
Also, I assume things like cabinets for a kitchen would require special handling as they are "intangible assets not considered section 1245 property"? But I'd appreciate if someone could verify that for me. OR, maybe I mislabeled. I've got cabinets for a kitchen under "F-Rental appliances, carpet, furniture"... I might have done this wrong in past returns. Yikes! Any help appreciated.
