Ok, thank you that makes sense. I have a few other questions...
We replaced the flooring just prior to the sale of this property. I understand that expense can be added to the basis. Can you break down how I list that improvement on the asset/depreciation screen?
Also, this pertains to the actual structure sale of the rental home. Is this correct? (see below)
Asset sales price=sales price less land assessed value less value of other prior depreciated assets + $1
Asset sales expenses=closing costs
Land Sales Price=land assessed value
Land Sales Expense= I have left this blank as all the closing expenses are listed above in Asset Sales Exp
I appreciate your help!
