hi, I sold a rental property in 2023.
The property is in the "Your Property Assets" screen and I edited it to say that it was sold and entered the sales information (date, sale price, sales cost).
In prior years, I had added in the "Your Property Assets" screen, some of the "major improvements" as instructed on the page. How does the cost of these associated improvements get added to the cost basis for the property to reduce my capital gain? Do I need to edit these assets as well to note that they were "sold"? They were included in the sale of the overall building, so there is no separate sales price.
Also, I received a 1099-S for the sale from the title agency that includes the Tax ID for the single member LLC that owns it. I can't find a place to enter that in TurboTax. Do I need to and if so, how? Want to make sure it's not double counted since it's being edited to reflect the sale in the Your Property Assets as mentioned above.
thanks!
