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Get your taxes done using TurboTax
Thanks for the response!
I had entered the improvement as a separate item in Rental Real Estate Asset (Depreciation) for the rental property with in service date of 1 day before actual disposal date, 100% business use, and $0 received for the disposal. This resulted in no depreciation charge, and a capital loss to offset the capital gain for that rental property. Is this one way to achieve the same result as the method you suggested? or is this a completely wrong unsustainable approach that won't make sense for multi-year improvement work on a previously rented home?
ā€ˇFebruary 8, 2021
5:27 PM