Let's review each question:
- How do I account for the $30,000 of improvements after tenant moved out that I have not depreciated in the past? Since this is an improvement you did not depreciate because the rental activity had ceased during preparation for sale this can be apportioned (house, capital improvements on depreciation) as part of the selling expenses. This handles it appropriately to arrive at the correct gain. To make it simple, you can simply add this to the selling expenses of the house itself assuming the improvements are not part of the land.
- To clarify from your example, when TT is asking for "sales price of each item", I should total all my improvements and assign a percent value, e.g. 20% for improvements then when it asks for sales price of each item, I should assign it a value from the 20%? Ex: new cabinets are 10% and new plumbing is 10% = 20% Yes, that is correct.
@optca50
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