@Carl wrote:
Here's how to do this.
Since (I assume) you have received all the rental income and paid all the rental expenses for 2021, use a conversion date of Dec 31, 2021............Son: Will enter the property on his 2022 tax return next year using the original purchase/acquisition date, but with a conversion date (from personal use to rental) of 1/1/2022.....
Even if the varying allocations were acceptable for tax purposes (which they actually are not), the proposed procedure will create a one-month gap in depreciation deductions.
Conversion to personal use on 12/31/21 will result in the depreciation ending on 12/15/21 as a result of the mid-month convention. Similarly, using a "purchase/acquisition" date of 1/1/22 will result in depreciation beginning on 1/15/2022. Thus, there will be a one-month gap despite the fact that the property had been used for rental purposes during that one-month period.
