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Investors & landlords
Thank you for being patient with me and for your helpful screenshots. I did exactly how you have explained. What I am trying to find out is where can I add to the cost basis? After doing all the steps you mentioned in the screenshots, I went inside the "Sale of property/depreciation" section. There I do not find any place other than the initial screen or the second screen where they ask me to review the info including the cost of the property. There the original cost of the property is listed from the prior year's tax returns. It allows me to change that. Do I change it there? Or you are saying I should not change that and instead, I should add one more asset in addition to the property asset and name this second asset as improvements? If I do that, Turbo tax is telling me it can only be land improvements or major improvements. My improvements/repairs are more on the asset and only to ready it for the sale. So where should I enter them if TT thinks that is not the right place? That leaves the final alternative that I add it as an Asset sales expense. But you said that this is not a selling expense. Hopefully you can understand where I am getting confused. Thoughts?