I sold a rental in 2023. I entered expenses like a new HVAC system and new flooring in the “Your Property Assets” section, which comes up after you select “Sold rental property”? (With information from other answers here, I was able to enter them so that no depreciation would be taken.) Are these expenses added to my basis? I think they should be, but can’t see yet where that happens.
But what about softer items like painting, window repair, duct cleaning, yard work, cleaning of the house etc. These were all expenses connected with the sale, also done after the last tenant moved out. Can these expenses be entered in “Your Property Assets”? Or do I enter them in the normal "Expenses" section connected to actually renting the place? That seems like mixing two different things, but these items also don't seem like "assets."
Also, In the “Sales Information” section, TT asks you to allocate the sales price and expenses between the house and the land. I used a 75-25 percent split. What is included in expenses in this section? Obviously commission I paid on selling, title owner’s insurance, title fees, and things along those lines. Anything else?
Thanks!
