I got different depreciation value on form 4562, and schedule E. The number on schedule E is smaller. On the sch E worksheet, the difference is categorized as "Vacation Home Loss Limitation".
Looks to me, turbotax makes that adjustment for balancing my rental loss to be just zero. Is that reasonable? Can I use that difference in the future years?
Thanks.
Was this 100% personal use then converted to 100% rental use (expected to be a rental for a year or more)? Or is it back and forth between rental and personal use?
Yes, losses can be limited. When they are, the loss is carried over until you can use it.
Related:
Real Estate Tax and Rental Property
IRS Pub 527 for Rental Property
yes, it's first year from personal use to rental purpose. Does that matter? Thanks.
Enter ZERO personal days. It asks for the number of personal days AFTER it became a rental.