For a multi (2)-unit property, how do I enter different info for each unit? (1 rented 12 months, 1 rented 4 months) I moved out; is it now converted to rental property?

[laurel_stewart]

Home that I have owned for 5 years, has 2 units. Unit 1 has been rented for 5 years, while I lived in Unit 2. In September of 2020, I moved out and started renting Unit 2. Is that now considered converting to rental property? When I choose multi-unit, I can't enter separate info for Unit 1 and Unit 2 (like fair rental days). How should I report this?

[Mike9241]

treat the unit you used as personal as a 2nd property.   you depreciable basis is the lower of cost or FMV on the date of conversion.  don't forget to break out the land portion.

[Carl]

Don't know how you were doing it in the past. There are many ways to do this. What works best for you, depends on how you have been reporting unit 1 over the last 5 years. Basically, you can leave the current entry alone and change absolutely nothing. Then enter the 2nd unit as it's own entity (single family) and adjust your cost basis for that entry accordingly.

[laurel_stewart]

Great, thanks!

[laurel_stewart]

Thank you!