Carl
Level 15

Investors & landlords

In the rental income section you will of course, enter the total of all rental income received during the tax year.

In the rental expenses section you will enter only the expenses incurred *while the property was classified as a rental*.

Then, you *must* work through the assets/depreciation section, edit each individual asset and select the option for "I stopped using this asset in 2021". Then a screen or two later you'll see the "Special Handling Required?" screen. On this screen you *MUST* select YES. If you select NO, the program will assume you sold the asset and will *force* you to enter sales information.

When asked for "date of disposition" you will enter the date that is one day after the last renter moved out, or the last day you advertised the property for rent - whichever date is later.

The program "SHOULD" pro-rate the mortgage interest and property taxes for you. So check to make sure that it does. The program will "NOT" prorate the property insurance. So you'll have to figure that manually.