I always use Turbotax Business for partnership (multi-member) tax return. Rental property was leased until end of May 2020. Plan was to sell, so improvements (eg $35,000) were made to the home from June to end of Aug 2020 before it was listed. Home sold on 9/3/20. How do I correctly record this transaction on Turbotax Business to capture the improvements made after home ceased to be a rental and to ensure it is added to the cost basis of the disposed asset, and no depreciation taken (because improvement was not used by business).
Also, I have a case where a previous rental is now currently held for sale, and improvements were done in 2020 and 2021. Home will be sold in 2021. How will improvements over two tax years be reported for next tax return? Thanks
