Thank you for confirming I don’t need 3115. I want to know how TurboTax calculate my capital gain. Recap with sales detail:
- 2018 brought rental $385k + $12k closing + $900 w.h. Each as separate asset and deprecated appropriately from 2018 onward
- 2022 Selling rental for $470k with closing cost, commission, repairs, etc. to $40k. Closing date will be Oct 2020.
How will TurboTax calculate my capital gain amount? Should my capital gain on selling this rental be $470,000 - $40,000 - ($385,000 + $12,000 + $900) = $32,100?
should I amend tax from 2018 to include the closing close of $12k as part of the original rental purchase price in order to get the correct capital gain?
Thanks
