ThomasM125
Expert Alumni

Get your taxes done using TurboTax

You can look on the Depreciation Report (Depr Report) and that should show the cost of the property and prior and current depreciation. If you add the two depreciation figures together, that would be the accumulated depreciation and the difference between that and the cost would be the basis.

 

The basis would start with the cost you entered when you put the property into rental service. That may be different from what you paid for the house, as you should enter the fair market value if it was less than the cost when you put the property into rental service.

 

To that amount you would add the cost of improvements and deduct depreciation allowed on the property during the time it was rented to get the adjusted basis.

 

 

 

 

 

 

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