Thanks - I'm already on the residential property path, and I'm confused about what type of asset it is. There is nothing in the description for permanent improvements like plumbing. Here's where I'm stuck: Rental Property>Property Info>Assets>Improvements, furnishings, and other assets>Describe this Asset>Rental Real Estate Property>Tell Us a Little More About Your Rental Asset:
The only options I get here are:
- Residential Real Estate
- Appliances, Carpet, Furniture
- Land Improvements
If I select "Residential Real Estate" it seems to be adding a new property, rather than adding an improvement to my current property, because on the next page it asks me to describe the property, include the cost of the land, etc. I'm not acquiring a new piece of property or land, I'm making an improvement to the existing property. So would I choose the "appliances, carpet, furniture" option? If I do need to select the "Residential Real Estate" option, can you explain how to determine the "land" value on a condominium (would I enter the original purchase price from 2006)?
