JamesG1
Expert Alumni

Deductions & credits

I will try to do justice to the excellent instructions by @DianeW777 which outline how you determine a Sales Price for

 

  1. the rental property, 
  2. the land under the rental property, and 
  3. the improvements to the rental property

 

by allocating the Sales Price across all of the rental property assets.

 

The Sales Price is entered at the screen Sales Information in the box Sales Price.

 

 

 

Using the numbers that you report above and assuming a selling price of $213,000 (to make the numbers easy), see here.

 

 

 

The same allocation method may be used to allocate Sales Expenses.

 

@mobster27 

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