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How is "first year rented" defined?
TurboTax is asking whether 2020 was the "first year rented" for our rental property, but it does not define what that means beyond this text:
"If you began renting this property during the current tax year, you'll see this. Select this if it's your first year renting out your property."
Our property was purchased in 2012, rented out for a year or two, stood empty for a few years, then we lived in it for six months, then it stood empty for a few years, then it was rented out again for a while during 2020. Does this constitute a new rental or not?
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March 8, 2021
1:02 AM