topic Primary Home to Rental property conversation not showing loss in Investors & landlords

Primary Home to Rental property conversation not showing loss

dratr321 — Wed, 26 Feb 2025 17:38:40 GMT

Hi,

I moved out of my primary home in September, and converted to a rental property with tenants in place. Once calculated this property should show about a $6000 loss after calculating repairs, expenses and depreciation. However Turbotax will not allow for this property to show a loss, it stop at zero no matter what expenses are inputted. This is important because I believe I should be able to deduct that $6000 loss from the profits of other rental properties I own, or deduct from the gains that might occur in future years with this specific property. Is there some rule that does not allow me to claim a loss on a rental property that was converted from personal use during 2024?

Re: Primary Home to Rental property conversation not showing loss

AnnetteB6 — Wed, 26 Feb 2025 17:54:14 GMT

No, there is not a particular rule against being able to claim a loss on a rental property that was converted from personal use to rental use, as long as other requirements are met to be able to claim a loss.

Take a look at the information that you entered with regard to personal use days. The entry should be zero personal use days unless you used the property AFTER the date it was converted to a rental property. Any personal use up to the date it was converted does not count. This information can be found as you go through the Property Profile section for the rental property.

If this is not the issue, come back with a follow-up question and someone will try to help further.