Rental section. There is a place to list your property's assets. Do I list them from the time I owned it or only what assets were purchased during the rental period?

I bought a home in 2008 and lived in it as a personal residence. I moved in 2017 and started renting it out in August. I'm trying to understand if the improvements/assets section is for this year only or all time and also what is special depreciation.

1170

New Member

Jun 4, 2019 5:33:13 PM

I see you found my answer unhelpful, so I've edited it above.

New Member

Jun 4, 2019 5:33:14 PM

Yes, you will report all the assets. When entering the assets, you will report when you purchased the asset (this year or prior) and when you started using it in your rental (Aug 2017, for example).

You can take a special depreciation allowance to recover part of the cost of qualified property (defined next), placed in service during the tax year. For qualified property placed in service in 2017, you may be able to take an additional 50% or 100% special depreciation allowance, depending on the date you acquired the qualified property. The allowance is an additional deduction you can take after any section 179 deduction, and before you figure regular depreciation under MACRS for the year, you place the property in service.

Follow this link for additional info https://turbotax.intuit.com/tax-tips/small-business-taxes/what-is-the-irs-form-4562/L6gi8XwN6

All expenses must be deducted in the year they are paid.

What kinds of rental property expenses can I deduct? https://ttlc.intuit.com/replies/4209856

Publication 946 (2017), How To Depreciate Property https://www.irs.gov/publications/p946#idm140182367169952

Hope its help.

[Edited: 03/12/2018 [7:53pm]]

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Rental section. There is a place to list your property's assets. Do I list them from the time I owned it or only what assets were purchased during the rental period?