You'll need to sign in or create an account to connect with an expert.
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.)
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.)
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
debbiecply
Level 1
lillycuccu
New Member
Kaybru20
New Member
zbchristy501
Returning Member
wedge05
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.