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Updated almost 2 years ago,
Converting personal residence to rental--tax questions
We bought a home in 2016. Moved out in July of 2021 and started a very drawn out rehab project. Finally got the place listed as an STR in December of 2022 and have been booked solid ever since.
At what point do I start filing a Schedule E? We've already filed 2021 taxes. I thought I could amend to file a Schedule E and take a loss for 2021, but Turbotax says I can't file the schedule E because the property wasn't placed in service in 2021.
Turbotax never asked for a date of conversion, so where does that come into play?
Unfortunately the CPA we've worked with in the past is booked this month, so I'm trying to figure this out on my own. :)
Thanks for any help you can offer!