Converted a property from rental to personal use, and then back to rental again within the same year. How to enter this in Turbo Tax 2017?

The property was converted to a rental in 2016. In 2017, the property was available for rent from Jan 1 - Feb 28, and then converted to personal use from Mar 1 - Sept 30. Then, became a rental again from Oct 1.

In the questionnaire, I checked both boxes.

1. "I converted this property from personal use to a rental in 2017".

2. "I converted this property from a rental to personal use in 2017."

When I get to the depreciation section, I entered the following dates for the "disposition information".

Date of sale or disposition:  Apr 1, 2017

Date Acquired: The date the property was first purchased in 2015.

I was never asked about the date that the property was converted from personal back to rental again (Oct 1, 2017). And the depreciation is only calculated for Jan-Feb (no depreciation for Oct-Dec).

Where can I input the data for the conversion back to a rental on Oct 1?

The only way I can think of is to add it as second asset put into service on Oct 1, even though it's the same asset.


1 person found this helpful

Answered in the comments

Was this answer helpful? Yes No

No answers have been posted

More Actions

People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Do you still have a question?

Ask your question to the community. Most questions get a response in about a day.

Post your question to the community