The quick read
Key points
- Build a use timeline.
- Label cost and valuation evidence.
- Obtain review of opening entries.
Make a dated use timeline
Record when you acquired the property, lived there, moved out, prepared it for rental and made it available. Keep leases and other dated evidence with the timeline. Mark any later personal use separately instead of treating the entire year as one activity.
Gather cost and value evidence
Retain the purchase statement, improvement records and any valuation material requested by your accountant. Label each value with its date and purpose. Do not substitute a current website estimate for the evidence your reviewer needs.
Prepare opening accounts carefully
List loans, cash movements, deposits and property costs that need to enter the rental books. Ask how the approved asset amounts should be recorded. Moving a personal record into IQ does not itself establish a tax basis or deductible expense.
Keep the conversion explanation
Save the reviewed allocation and the dates used. Retain personal and rental source records so later reporting can be reconciled. This is a record-preparation workflow, not tax advice about conversion or future sale treatment.
Before you finish
- Build a use timeline.
- Label cost and valuation evidence.
- Obtain review of opening entries.
Official guidance for your review
Confirm the current edition and your circumstances with a qualified professional.
Keep your next step simple.
Use the product guide for the app workflow, or contact support with your question. Bookkeeping reports are not tax advice; review filing decisions with a qualified professional.