Converting your home to a rental property is done in this manner:
- Select Start/Revisit next to Federal > Wages & Income > Rentals, Royalties, and Farm > Rental Properties and Royalties (Sch E)
- Select Yes
- Select Rental property
- Enter the information on the next two screens then under Tell us about your situation this year, select Converted home to rental or rental to home
- Select From primary residence to rental
- Carefully read the menu prompts from here on out
- When you get to the assets section, make sure to enter the date you first placed the rental in service to calculate the depreciation on the property correctly. Also, enter the proper portions of the cost to the land and the building, as land is not depreciated for tax purposes.
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