ColeenD3
Expert Alumni

Get your taxes done using TurboTax

In your previous post, you said, "renovated property 2019-2020; sold property Jun 2020". You could not have held it out for rent if you were renovating it.

 

If, at any time in 2020, your property was ready and available to be rented, meaning a tenant could move in at any given moment, you can take rental expenses on Schedule E for that time period. 

 

If you did not, enter the sale as previously described, including adding the improvements to the basis of the property.