I purchased my condo August 2013, and moved out of it June 2016, and because I was unable to sell it, and rented it out starting Nov 2016. I had a tenant through Oct 2021, and I eventually sold the condo Dec 2021. Under the “Your Property Assets” section of Turbotax, when I edit the listed Condo, I’m asked to “Review Information” about the property which apparently was pulled from my 2020 return, and am asked to enter in fields including “Date”, “Cost”, “Land”, and “Prior deprec”. I’m assuming that “Date” refers to when I started renting out the condo, and “Cost” and “Land” refer to market value of the condo at the time I started renting out the unit.
- Does “Cost” refer to the total market value of the condo (including land)?
- What is “Prior deprec.” referring to; is it the change in the assessed value of the property from when I purchased the condo to the time that I started renting it out?
Many thanks for your help!
