We bought a house in 2006 as a rental for 360K we sold the rental for 405K in 2020. we had a loss every year on the property. I am doing my taxes and it is taking the 400 and acting like it is all income and only reducing 100k. What am I doing wrong? When I go the the sale information section I am not sure how to or what to put in the assets of sale and expenses and the sale and expenses of land.
Lastly we put a lot of money in the house to sell it, new appliances, floor, counters, bathrooms and everything. Shouldn't that be deducted somewhere in the sale prices? Help I don't want to do this wrong. Seems like I am paying the Fed and State over 50K for a house I only made maybe 40K on if that.
