Bought a house in Virginia as an investment with a possibility of retirement there. Spent three years rehabbing the house. Decided to sell the property.
Purchase price was $49.9K, spent $36.2K for rehab and furnishings, asking price was $79.9K, sold the house complete with furnishings for $70K.
This was not my principle home, I live in Massachusetts.
TurboTax will not ask the appropriate questions to allow me to claim my deductions.
What specific deductions are you expecting to claim?
Purchase price was $49.9K, spent $36.2K
So your total cost basis in the property is $86.1K
sold the house complete with furnishings for $70K
So you have a $16.1K loss on the sale, assuming your cost basis includes what you paid for the furniture and other material goods included in the sale.