I am boggled by trying to enter in the information correctly and want to make sure I'm doing this right. I've read and re-read some of these similar posts and still confused. Any assistance would be helpful.
Initially purchased the condo that I lived in as a primary residence back in 2007 for 144K. Settlement charges were ~3K.
Converted the property to a rental in 2012 when the FMV was 119,400 of which the land was assessed at 9700.
Remained as a rental until it was sold in 2020 at a contract price of 127,500. Closing costs in total were around 9K. The land value has remained the same at 9700.
There was roughly around 30K of depreciation taken over the rental history.
I want to make sure that the asset information was entered in Turbotax correctly so what should be entered in the Cost and Cost of Land fields when it asks "Tell us about this Rental Asset?"
What gets entered in the Asset price and expense fields? What gets entered in the Land Price and expense fields?
