Thanks I found that now. Where would I enter improvements I made this year to get it ready for sale (new kitchen, flooring, etc)?
My first thought would be under "Expenses > Common Expenses" although the closest category would be "repair" but that doesn't seem accurate. If I was keeping it as a rental I could see it possibly be put under Assets, but I don't believe I can because the asset would be added and then sold in the same year. However, then I found the "Miscellaneous expenses" which seems like the place I should use. Is that correct? Also I have permanent improvements that I made a few years ago such as a new patio that are not accounted for. I assumed I would be putting these in as Permanent Improvements at the time of sale which is the case if I enter this sale into the two other sections I tried previously, but I don't see that option here. I never entered them under Assets since I didn't want to deal with the depreciation. Is it okay to include them as expenses this year then?
Secondly, I'm still unclear if the Form 4797 is correct. If I'm understanding the IRS correctly, I don't think I qualify as a trade or business because I spend less than 250 hours per year on it.
Third, I completed my entry of my sale under "Business > Rental Properties..." but I am not seeing the information on either the 4797 or the 8949. Where would this appear on the actual tax forms?
