I sold a rental property this year. The purchase price was $144,000. The sales price was $146,000. I owned it for two years and remodeled the master bath at an expense of $4,269. I entered the master bath remodel as a depreciable asset in TTax Premier.
1. Do I add the expense of the master bath remodel to the sales price I enter in TTax?
2. I know I need to add back in the depreciation taken (structure and land?). How do I do that?
3. Do I need to add back in the depreciation on the master bath remodel? If so, how do I do that?
Thank you!
