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asp1981
Level 2

Converted home to rental in 2017. Bought it in '15 and refinanced in '16. Under Loan Info, TurboTax asking for "Rental Use Percentage (1-100), how do I calculate?

 
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Coleen3
Intuit Alumni

Converted home to rental in 2017. Bought it in '15 and refinanced in '16. Under Loan Info, TurboTax asking for "Rental Use Percentage (1-100), how do I calculate?

For the time period it was a rental, if there was no personal use, then it is 100%. Be sure to indicate that it was a conversion. When you convert the property from personal use to rental, the basis for depreciation was lower of the Adjusted Basis or the FMV on the date of conversion.


(See the attached screenshot below. Click to enlarge.)

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Coleen3
Intuit Alumni

Converted home to rental in 2017. Bought it in '15 and refinanced in '16. Under Loan Info, TurboTax asking for "Rental Use Percentage (1-100), how do I calculate?

For the time period it was a rental, if there was no personal use, then it is 100%. Be sure to indicate that it was a conversion. When you convert the property from personal use to rental, the basis for depreciation was lower of the Adjusted Basis or the FMV on the date of conversion.


(See the attached screenshot below. Click to enlarge.)

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