How do I increase the cost basis of a rental sold in 2018? I wish to increase by the amount spent on improvements to make it ready for sell. I spent over $20K all in 2018

ssjax · ‎June 3, 2019

Anita01 · ‎June 3, 2019

You could enter these as selling expenses or add a new asset called Improvements.

Critter · ‎June 3, 2019

Do NOT change the selling price ... this must be the same as the 1099-S the IRS gets otherwise you will get a letter.

Investors & landlords