If this is a home you are living in or using as a second home or a home to flip, you do not enter anything until you sell the house. Then you will enter your cost basis (purchase price plus certain expenses) to decrease your profit from the sale on the house.
If this is a home you are using as a rental property then you would enter the home as an asset in the rental section along with your rental income. Click the following to enter the property and costs as a rental property.
- Federal
- Income and Expenses
- Show more next to Rentals, Royalties and Farm
- Start next to Rental Properties and Royalties
- Walk through the steps to enter the home information and rental income.
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