Turbotax is asking "What was the fair market value of (a property)? Is this when I purchased it or when I rented it?

[mary-halladay-gm]

I purchased the house in 2022. I rented it for five months of 2024. Not sure what fair market value to enter.

[MaryK4]

You want to enter the fair market value of the property when you placed it in service, i.e. when you started renting it.  This is when depreciation starts, so if there were any improvements on the property, the basis will be higher than the purchase price.

For more information, see Tax Deductions for Rental Property Depreciation - TurboTax.