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marctu · ‎September 30, 2024

You will have to add the improvement amount to the cost, as an an expense of the sale. Assets held less then a year should not be depreciated generally.

Full steps for entering the sale:
After you click on Asset, you will be asked about the purchase: Tell Us About This Rental Asset
In the screen Tell Us More About This Rental Asset, you will indicate the sale the date of the sale and the date you began using it for business. Here is a screenshot:

Tell Us More About the Rental Property.png

Next: Confirm Your Prior Depreciation
Next: Special Handling Required?
Next Home Sale?
Next: Sales Information. This is where you will be asked about the sales price. Here is a screenshot for this as well:

Sales Information.png

You would add the two "home improvements" to the sales expenses for the sale of the rental property along with all the other sales expenses, including, but not limited, to realtor's fees, transfer taxes, document prep, etc.

I hope this was helpful @RaineB

All the best,

Marc T.

TurboTax Live Tax Expert

27 Years of Experience Helping Clients

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