You'll need to sign in or create an account to connect with an expert.
You will only enter the rental portion so if you only rent out 1/2 you only depreciate 1/2 of the cost basis.
Remember to allocate some of the basis to land, which can not be depreciated.
@crazygerbil , having read and concurred with @Critter-3 and @ee-ea , would like to point out that you need to keep very good records. This is because when you sell the property, you will see the whole thing and will need to allocate the gains between the two "parts" so that the gain is properly taxes as capital gain and ordinary gain ( recapture of depreciation). It would be good idea to have a tax professional set up the accounts the first year and then you use TurboTax to keep track. IMHO
pk
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
peggymoak
New Member
totoro11
New Member
ksg2000
New Member
kulnam
New Member
colonel_biggs
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.