Thank you very much for the helpful information! A few more questions:
- After the purchase price, Turbo asks "what was the fair value of the property". I simply put in the same purchase price at the time we bought the house. If I place the improvement costs along with the purchase costs, should I add the same improvement costs to the fair value section as well?
- When Turbo asks for the value for land and house/improvement value for depreciation calc, should I also add the remodeling/improvement costs to the appraised improvement value?
- We had some expenses (for example deep cleaning and repairs) when the house is in rental status, how do I enter them into Turbo without being prorated by the number of days for rental in the year?
Thanks again for the reply!
