asks percentage of time used for rental/ business after placed into service in 2024. I put property into service in 2011 so what is this asking? I sold property 7/31/2024

[jennyfraas]

TT asks: have you used this property for 100 business use and no I did not (lived in for 5 years first before putting into service) so checked no. then asks percentage of time used for business after placed into service in 2024. I put property in service in 2011 so what is this asking? I sold property 7/31/2024

[DawnC · Accepted solution]

If you used it only for rental purposes after placing it in service in 2011, enter 100%.    You can answer Yes because TurboTax is asking about the time after being placed into service.  If there was personal use after 2011, you would answer ''no''.  

For 2024, the asset was used 100% for business.   The time frame referenced for this question is 01/01/2024 - 07/31/2024.  

There was no personal use from the placed in service date in 2011 to the date sold in 2024.  

[jennyfraas]

Thank you so much!