If property is converted to a rental in the middle of the year, I assume it gets listed only once (as a rental) in the "Your property assets," correct?
yes. Generally, the absolute only thing you see in the Assets/Depreciation section is the property itself, and that's pretty much it. Let me run through a possible scenario for you.
2010 - You purchase the home as your primary residence for $100,000.
2015 - You put a new roof on the house for $15,000
2020 - You move out of the house and convert it to a rental. your cost basis in the property is $115,000. Using your 2020 property tax bill you do the math and figure that 30% of your tax basis (not cost basis) is allocated to the land. So 30% of $115,000 is $34,500. When entering the asset in TurboTax you will enter your total cost basis of $115,000 where it asks for that, and enter $34,500 where it asks for the cost of land. The program (not you) will do the math and assign the difference of $80,500 to the structure and that's the amount that will be depreciated over the next 27.5 years.
