You, would add these improvements to the basis of the property.
How to enter income and expenses from a rental property:
- With your return open in TurboTax, search for the word rentals in the search box.
- Click Jump to rentals in the search result.
- Answer Yes to the question Did you have any rental or royalty income and expenses?
- Follow the on-screen instructions as you proceed through the rental and royalties section.
- We'll first ask you to enter general information about your rental (description, address, ownership percentage, etc.)
- Eventually, you'll come to the Rental Summary screen which is where you enter your:
- Rental income
- Rental expenses
- Capital assets and depreciation
- Vehicle expenses
-follow this link for additional information on the sale of Rental Property-
I sold my rental property. How do I report that?
