The best way to get an estimate of what your tax liability would pay if you sold your condo before holding it for one year and after holding it one year, using TurboTax Online, I suggest you create two "test" accounts. See How do I start another return in TurboTax Online?
- Re-enter all your current year information and then enter the condo based on the holding period.
If you're using the CD\Download version, just save your current file using "save as" and rename it. You'll be able to "save as" two returns using the different holding periods.
You'll be able to add selling expenses when you enter the sales information. Before figuring gain or loss on a sale, exchange, or other disposition of property, or before figuring allowable depreciation, you must determine your adjusted basis in that property.
The following settlement fees and closing costs for buying the property are part of your basis in the property
- Abstract fees.
- Charges for installing utility services.
- Legal fees.
- Recording fees.
- Surveys.
- Transfer taxes.
- Title insurance.
- Any amounts the seller owes that you agree to pay, such as back taxes or interest, recording or mortgage fees, charges for improvements or repairs, and sales commissions.
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