I purchased a small single-family home in 2017 and started using it as a rental property at that time and have been depreciating in my annual income tax filings. The last tenants moved out at the end of March 2021, and I decided since the real estate market was so hot for single-family homes that I would do some improvements and sale it. Started renovations in April 2021 and spent a little over $15k. Put in on the market in June and closed on the sale in mid- August 2021 with a profit of $20K, including mortgage payoff and renovation costs.
Can I account for all aspects of this (3 months of rental income, depreciation, renovation costs, profit from sale) in the "Rental Properties and Royalties" section of TurboTax basic?
