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Level 1
posted Mar 17, 2020 7:00:52 AM

Rental Property

Have not rented unit for years.  Started to rent again in 2019.  Do I say it is a new rental or on-going when asked in Turbo Tax when I start rental income.

Thank you

0 2 388
2 Replies
Level 15
Mar 17, 2020 7:16:28 AM

It's not a new rental if you rented it out before in the past. You hae to continue depreciation from where you left off when you converted it from rental to personal use in a past year. From my testing, the TurboTax program is not capable of handling this scenario correctly either, and your depreciation will be all wrong.

 

Level 1
Mar 20, 2020 5:39:28 AM

Thank you