Mike and Carl:
Thanks for your prompt reply. I did listed all the improvement as assets and sold my rental house at a gain. I have additional questions:
1) How do I fill the sale price of the rental house in Turbotax? Should I use the property sale price in 1099S (350k) subtract the sale price of all the assets such as improvement on tile floor etc (50K), and also substract the land (70k)? By this calculation the sale price of the property is 350k-50k-70k=230k, which is much lower than what's shown in 1099S. Is it correct?
2) The closing cost is the sale expense for the sale of the property and all other assets as a whole, so how to fill the "sale expenses (business portion only)" for each asset?
I appreciate your help!
