@ColeenD3 Thanks for responding to my questions. I do have couple of important follow-up questions.
1. Based on the steps you suggested, when I go into the Assets section for the property, it shows the cost basis as $320,000, which was the FMV of the house when we converted it from primary residence to rental property in 2013. However, for the sale of the property, the cost basis should be $407,000, which we paid when we bought the house originally in 2007. Isn't that right? If so, where do I enter the correct amount of $407,000 as the cost basis for the sale?
2. At the time of the sale, in addition to the sales expenses related to realtor and legal fees, we had a major expense in the amount of $25,600 for the installation of a new septic system. Where could I add these improvements that were required for the sale?
Note that the screenshots that you've included in your answer are different than how I'm seeing it in my TurboTax Premier Windows. Appreciate your help.
