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Get your taxes done using TurboTax
@Texas Roger I bought a rental 4 years ago for $103,000 and that year put $42,000 into fixing it up. I then rented it out and this year I sold the property for $260,000. How do I add the costs basis and where do I enter that number?
Do I put $145,000 in the "Cost" field for Depreciation or do I put $103,000 there and the $42,000 somewhere else?
Do I split that amount between the property & the land?
I'm using laptop Home & Business.
‎October 14, 2022
12:56 PM