How do I add a newly built single-family rental property that I personally constructed? I can add a new rental property, but the available options only allow me to enter it as if I purchased it from someone else.
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As you go through the initial questions about the property, you can choose 'none of the above' or 'purchase' for how you acquired the property. Then when you are entering the information to depreciate the property, include all of your costs to build it as the purchase price or cost. Be sure that you do not include a cost for your own labor.
Thank you for your help. This is what I did but i don't think its ideal. It would be great if TurboTax had an option to represent this situation more accurately.
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