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Investors & landlords
I mean on this year's turbo tax when I entered the major improvements, the depreciation schedule came up with only that improvement. Past depreciation and property cost info was gone. Maybe because I didn't rent it out at all last year?? It was never used a personal property. Just sat vacant all year trying to get repairs done. I think I will try and sell it this year. So you are saying that I should not enter the major improvements on this year's return?? When and if I sell it I will then add the improvements as a selling expense?? Does it matter that the improvements were made in a prior year?? In other words if I sell in 2023, it's still OK to show improvments paid for in 2022??
‎January 19, 2023
12:01 PM