I put the rental property in as an asset (included all of the improvements prior to converting it to a rental into this amount) and then put in the land value. I have all expenses in for the property from when it became a rental (supplies, maintenance & repairs). My only issue now is I do not know where to put in IMPROVEMENTS from AFTER it became a rental. It is not much (around $700) and was replacement of 2 kitchen cabinets that were damaged and a new kitchen sink and faucet as the old one was very worn and the faucet broke. I know these are "depreciated" so I did not put them under the supplies, maintenance or repairs. Do I add them in as another "asset"? I tried it and then it changed the numbers on my other asset (the rental property). So where do I put those improvements?
Also, I had to keep manually changing the "asset" land value. For some reason Turbo Tax kept recalculating it to LESS than what the value is. I have no idea why but I just changed it back to the $30,000 that it was. I bought the home for $127,500 in 2012 and with all the closing costs and improvements when it was personal use it came to around $144000. Then land value $30,000 (from my taxes and also the appraisal).
