I have a rental property. I converted it from personal to business use in 2008.
A few questions:
1) 'Date acquired' - since I converted this from personal to business use in 2008, what date do I put here? Would this be the date when I actually moved out, or the date that I signed for a real estate agent to start listing it for rent? Or the date when the first tenant started their lease?
2) 'Enter the total cost when asset was acquired' -
a. I read the acquisition cost includes expenses. Since this was purchased at an auction, the cost would include the auction sale price. Would closing costs also be added on top of that?
What other costs should be added?
https://turbotax.intuit.com/tax-tips/rental-property/real-estate-tax-and-rental-property/L3e09vT71#d...
b. Does this include the cost of the land? I don't see this anywhere on the paperwork from the auction, other than the tax assessor's document that is mailed yearly.
Appreciate all advice.
