Greetings TurboTax Experts, please advice.
I THINK I need to amend last years (2022) return to add Investment property purchased in October 2022 but was unintentionally left out of paperwork used for preparing taxes. The property is intended as a complete renovation followed by resell at a future date (hopefully 2024). There was no interest paid on the personal loan that was extended for the purchase of the property during 2022. Labor & Materials were expended (~$40,000) during 2022. I assume an amended return is required in order to establish, at a minimum, the original Purchase Date and/or provide loan details. The loan was later refinanced in 2023.
From what I gather reading posts here, any interest paid during 2023 would be recorded under Schedule A as well as any Property taxes paid. And any expenses incurred for the physical renovations (Labor/Materials) are only needed/used once the property is sold and the taxable profit determined.
Where within TurboTax is the property recorded and how?
Thanks in advance, regards. - jwgnle
