I'm trying to find the place in Turbo Tax where I can calculate the cost basis for my house. I rented it for the 1st time for part of the year in 2024?

[DianeW777]

It depends.  If I understand you question you would like to enter your house as a rental property and depreciate the cost of the house.

1. Figure out what you actually paid for the house, add any capital improvements (anything structurally updated such as a roof, siding, drywall, etc). You must separate land from the house itself. The easiest way to do that is to use your real estate tax assessments. 
   • Take the land value divided by the entire value, multiply that percentage by the total cost to find the land portion of cost. 
   • Subtract that from the total cost to arrive at the house cost.
2. Use the link below to enter your rental property.  You will be asked for both the house and land cost when entering the house asset.

Tips to entry:

1. If the house was converted from personal use to rental use and there was no personal use after your began to rent it, you will answer 'Yes' to it was rented all year. Enter the date it was converted.
2. If there was personal use of a portion of the house while rented and afterwards select the correct type of property under 'Situations'. TurboTax will do the calculations for rental and personal. Otherwise you can make the calculations for rental  portion of real estate taxes, insurance, mortgage interest, utilities, etc.
3. Use the link below to enter your rental activity.
   • How do I enter my rental income and expenses?