Bought a house, rehabbed house, sold house. How do I claim deductions?

BurntChevy · ‎June 10, 2020

Bought a house in Virginia as an investment with a possibility of retirement there. Spent three years rehabbing the house. Decided to sell the property.

Purchase price was $49.9K, spent $36.2K for rehab and furnishings, asking price was $79.9K, sold the house complete with furnishings for $70K.

This was not my principle home, I live in Massachusetts.

TurboTax will not ask the appropriate questions to allow me to claim my deductions.

Carl · ‎June 10, 2020

What specific deductions are you expecting to claim?

Purchase price was $49.9K, spent $36.2K

So your total cost basis in the property is $86.1K

sold the house complete with furnishings for $70K

So you have a $16.1K loss on the sale, assuming your cost basis includes what you paid for the furniture and other material goods included in the sale.

BurntChevy · ‎June 10, 2020

That is correct, I have a $16.1k loss.

How do I get turbotax to ask the questions correctly ?

Or do I have to enter the numbers into a form manually ?

What forms must I use ?

jmvilla99 · ‎July 12, 2020

Did you ever figure this out? I have a very similar issue.

Thanks

Bought a house, rehabbed house, sold house. How do I claim deductions?

Investors & landlords

Investors & landlords

Investors & landlords