Rentals

[Phil 2020]

I am in Oregon and doing my federal tax's. My wife and I have a few rental properties but one was only rented for a month in 2021 and then we started fixing it up for sale. It did not get sold in 2021 because of medical issues. How do I report it? I am using turbo tax.

Phil 

[Critter-3 · Accepted solution]

You can still report all the carrying costs on the Sch E as normal and add up all the improvements and enter them as one depreciable asset. If you sold the home in 2022 then in the TT program you will enter 1 day of rental use to keep the Sch E alive then follow the screen instructions to sell off all the assets.