Solved: I converted my home to a residential rental; For basis for depreciation, do I say "I bought the rental" or "none of the above'? Do I use Adjusted basis or FMV in depr?

I converted my home to a residential rental; For basis for depreciation, do I say "I bought the rental" or "none of the above'? Do I use Adjusted basis or FMV in depr?

Turbo Tax asks for different information if I say "I bought rental" vs "none of the above". I did buy the property, but it was my home until I converted to rental in 2018. I just want to get the basis correct for depreciation, and I'll be selling the property in 2019

posted

The basis for depreciation will be the lesser of fair market value or adjusted basis on the date of conversion. You need to enter that you bought the rental.

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The basis for depreciation will be the lesser of fair market value or adjusted basis on the date of conversion. You need to enter that you bought the rental.

Is there is an error in calculating the cost basis of depreciable real estate property first put into service in 2024? Tttle fees and improvements are NOT being added .

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I converted my home to a residential rental; For basis for depreciation, do I say "I bought the rental" or "none of the above'? Do I use Adjusted basis or FMV in depr?

I converted my home to a residential rental; For basis for depreciation, do I say "I bought the rental" or "none of the above'? Do I use Adjusted basis or FMV in depr?

I converted my home to a residential rental; For basis for depreciation, do I say "I bought the rental" or "none of the above'? Do I use Adjusted basis or FMV in depr?

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I converted my home to a residential rental; For basis for depreciation, do I say "I bought the rental" or "none of the above'? Do I use Adjusted basis or FMV in depr?

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I converted my home to a residential rental; For basis for depreciation, do I say "I bought the rental" or "none of the above'? Do I use Adjusted basis or FMV in depr?

I converted my home to a residential rental; For basis for depreciation, do I say "I bought the rental" or "none of the above'? Do I use Adjusted basis or FMV in depr?

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