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Forum|Forum|2 years ago
March 24, 2024
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Not A Product Question

PatriciaV

Employee

If the rental property was not finished and ready to be rented in 2023, you cannot report this activity or its assets on your 2023 return. Depreciation begins on the date the property is placed into service (ready and available to be rented).

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Swidwl2983Author

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PatriciaV

Employee

In that case, you may need to contact a local real estate professional to provide an updated assessment of the land value as of the date you made the property available to be rented. You can then subtract that from your total cost for the property. The balance would be the "improvements" to be depreciated.

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