Getting into a rut!
I could not rent my rental property entire 2020 but had it advertised for rent or sale via circulars for during 2020.
Under Rental property income, I entered =0; usual + new repair expenses totaled $9K. Had new cabinets, carpeting, & appliances added to asset value (not expensed).
After I entered all rental expenses, I went to Sale of Property/Depreciation, where it asked whether I added to rental properties which were in individual total under $2,500 & other detailed questions which gets the Safe Harbor ruling involved. Has become complicated.
Should I have bypassed this & gone straight to Sold business properties?
When I proceeded to Sale of Business Property; at cost of Property I indicated what I originally paid for the rental property 30 years ago & added assets additions & closing expenses.
What should I have done?
NOTE: People have answered my earlier question & I mistakenly responded via email. This probably never got through. For this I humbly apologize. But all this is getting a bit much.
Please help.
