TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

Question

Short Term Rental

Forum|Forum|3 years ago
April 3, 2023
1 reply
0 views

I started a short term rental in 2022 in July.

How do I deduct all the furniture, etc prior to being in service VERSUS all the furniture, etc purchased after being in service? Is everything prior to service considered a start up cost

How do I fill this out in Turbo Tax home and business.

I'm not an LLC

You can enter the furniture in the Assets section for the rental as a separate item using the same placed-in-service date as the building.

Click the Start button to the right of Assets/Depreciation, proceed through the following screens, and enter your assets.

If you are converting your property from personal use to rental use, your tax basis in the property is calculated differently. Your basis is the lower of these two:

Your acquisition cost
The fair market value at the time of conversion from personal to rental use

See this TurboTax tips article for more information.

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