You have been reporting the original rental property asset, subsequent capital improvements and refinance costs amortization in TurboTax.
The entire rental property investment has been reported through individual entries much like is shown below:
Original rental property purchase $200,000
Remodel 1 costs $20,000
Remodel 2 costs $10,000
Refinance amortization $5,000
$235,000
Since the asset cost has been allocated over several entries, the sales price will also need to be allocated over each of these entries.
Make sure that you record the sale for each of these assets. Follow these steps:
- At the screen, Your Property Assets, click Edit for each of these entries.
- At the screen Tell us more about this rental asset, select The item was sold, retired, stolen, destroyed, disposed of…..
- At the screen Confirm your prior depreciation, you may verify the amount of depreciation/amortization taken in prior years against the Depreciation and Amortization Report from your 2021 tax return.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
