Change own home to rent

[JamesG1]

Reporting residential rental property in TurboTax Online requires the Premium version.

Follow these steps to access the residential rental questions.

• Down the left side of the screen, click on Federal.
• Down the left side of the screen, click on Wages & income.
• Scroll down to Rentals, Royalties, and Farm.  Click on the down arrow.
• Select Start / Revisit to the right of Rental Properties and Royalties.

You will be entering the rental property as an asset for depreciation purposes.

At Your Property Assets, select Add an asset.

At the screen Tell us about this rental asset, report cost / cost of land by following this requirement.

The cost is the lesser of the item's fair market value or your basis for this property (how much you have paid for it, including whatever you spent to acquire it) at the time you started using it for business.