You'll need to sign in or create an account to connect with an expert.
Because you changed it directly from a rental to a Business, use the original "placed in service" date when you first used it as a rental. Then enter the proper Basis and "prior depreciation" from the rental. Do the same thing for any any other "assets" (furnace, roof, furniture, etc.),
Because you changed it directly from a rental to a Business, use the original "placed in service" date when you first used it as a rental. Then enter the proper Basis and "prior depreciation" from the rental. Do the same thing for any any other "assets" (furnace, roof, furniture, etc.),
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
dsaucier88
New Member
victoriad_2022
New Member
zafira11
New Member
hnybrnz
New Member
vbruckert
New 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.