You'll need to sign in or create an account to connect with an expert.
Yes, You should start posting your Rental in 2019 if that is when it went into service. The income will still be that first month rent, but you can take the expenses and start depreciating the property.
It is very important to depreciate the property from the very beginning. First, you get a tax break, but when you sell the property the IRS will add all of the depreciation back WHETHER YOU TOOK IT OR NOT.
If a rental payment was received, in 2019, even if it went directly to a realtor, you had gross rental income in 2019 and must report it.
The unit was considered placed in service when it was available to rent.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Andy_W
Level 1
jjyoo92
New Member
badorsey9842
New Member
4taxhelp
New Member
troyedlund123
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.