Hi,
I made material improvements to my residential rental property (spent $120K renovating it) and then I sold it for a gain in 2022. However, in my 2022 TT Home & Business, there is no option for me to enter the improvements made to the same rental property. Please can you help me with a step by step guide. Also, how do I determine the allocation of the sale price to Asset vs. Land? Can I just put all of it to the Asset and put nothing for the Land since all the improvements were made to the asset (residential rental building)?
Also, I just realized that even if I add the improvement separately as an asset under the same property then it does not show up in form 4797 line 21 (cost basis). Please let me know your thoughts on how to fix this?
Thanks,
John
