Champ,
Thanks for the detailed response.
My confusion is, listing the sales price for the land and the building isn't something that was noted on the Sales paperwork. It was a duplex that was 'just' sold. the Land and building were all sold as one item for 228000
I did include other items in my assets as such
Added a new roof and siding as one whole complete job - 35,000 (in 2015)
Added new windows to the lower unit - 12,000 in 2001
Added new windows to the upper unit - 14,000 in 2014
So how do I get these 'improvements' to be included in the cost bases
It was purchased for 105,000 so w/out those asses (228-154) has me at a capital gains of 74,000
But shouldn't the roof/siding,upper windows,lower windows somehow be included to offset the capital gains?
I went through one of the items (the roof/siding) and indicating it was sold on the same date and the tax due went up as if it added the sale of the roof and siding to the capital gains. I thing I am probably doing something wrong.
Is it possible to call someone on turbotax support to quickly walk through this ?
Does this make sense in what I am trying to explain?
Thanks and looking forward to your feedback
