Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
C
caoyidebby
March 20, 2023
Question

Rental Property - The date I started the business

  • March 20, 2023
  • 1 reply
  • 0 views

Hello,

 

I purchased the rental property in March 2022, gave 1 month rent back to the seller, did a few repairs and then listed it through a PM firm in May 2022.

 

Under Rental Asset section, should I select Yes to the question "Have you used this item 100% of the time for this business? " and put the listing date as the "Date I started using it in this business"?

    1 reply

    DMarkM1
    DMarkM1
    March 20, 2023

    Assuming you didn't use the property for anything else (lived in it or family lived in it, for example) then yes, 100% business use is correct.  Also, yes, enter the date you held the held the property out for rent (May 2022) for the date placed in service. 

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
    TurboTax Sign In Widget
    TurboTax flag icon

    Unlock tailored help options in your account

    Create an account
    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification