Hi there I have many questions on this subject. Last year January 2021 I sold a rental property that used to be my primary home for 10 years. When I first moved in I added a sunroom, a brick patio, stove, refrigerator. My purchase price was $53,000 in Dec 4 1990. I started renting it in July 2001. I did my taxes with turbo tax and the price listed for purchase was 55,000 instead of 53,000. I do not quite remember what I did to change the price. I supposed that I added the 2,000 dollars cost of the sunroom to the building. Now, Do I change back the purchase price to 53,000 when turbo tax ask? If so how do I add the $2,000 for the Sunroom? Note that this cost has already been depreciated in turbo tax up to my last tax return 2020. Also I was able to take only 99.00 dollars out of 3,352. in closing charges for the purchase. Moreover I refinanced in 1993 and spent 1,954 in settlement charges. Am I able to use this amount in my cost basis? If so where do I enter that? I have seen some discussions about how to enter sale for rental if the renter was the last person to occupy the house. Some people say that everything has to be entered under Rental and Royalties, others say in both Rental and Royalties to account for different expenses. I would like to have a final word about that. Finally, on the special handling section, Turbo tax said to enter yes if certain conditions where satisfied which I did but the community said to answer no. I have tried both ways. When I said No the program sent me to a section that was totally confusing to me and if I answer yes I couldn't continue. If anyone can assist me on this section, that would be a huge help. I have several worksheet from my 2020 tax return and I can list the contents for whomever is willing to do a step by step entry with me. I cannot do the expert help on the phone because I feel too much pressure. Besides, I am learning a lot about taxes and do not want to quit before trying all the resources available. I am grateful for any help. Thanks in advance.
