We have rental, tenants moved out, then spent 50k refurbishing it. in TurboTax, after adding asset and stating yes to improvements, decline improvements as expenses, and describe the remodel as Rental Real Estate Property, We think this is correct? How do we then categorize it? As Residential Rental Real Estate? By selecting that we then enter <property address> "remodel" and supply the costs, finish date, etc., purchased as new, etc. Is this correct?
Thanks,
