Condo converted to rental then sold

[euginator]

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.

1. Does “Cost” refer to the total market value of the condo (including land)?
2. 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!

[ColeenD3]

No, cost is what you paid for it when you purchased it. On the screen below, you are told what to do with the land. Prior depreciation is the depreciation you have taken every year it was a rental, prior to 2021.

[euginator]

Great. This was very helpful. Thanks!

[Carl]

@ColeenD3 I use the desktop version, and everything mentioned in the original post (date, cost, land, prior depr) is already there. To be more specific, the date of acquisition/conversion, cost of structure, cost of land, and the total depreciation already taken/claimed on the asset are all filled in based on the data I entered into the program when I originally set things up years ago.

Does the online version not do this "for you" also? The only data I have to enter is the sales price, sales expenses, date of the closing, and that's pretty much it. The desktop program deals with the rest (like depreciation recapture) for me, in the background.

[tagteam]

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@euginator wrote:

1. 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?

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Have you been taking deprecation deductions each year since the property was converted to rental use, @euginator?