Bought a house, rehabbed house, sold house. How do...
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New Member

Bought a house, rehabbed house, sold house. How do I claim deductions?

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.

3 Replies
Level 15

Bought a house, rehabbed house, sold house. How do I claim 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.

 

New Member

Bought a house, rehabbed house, sold house. How do I claim deductions?

That is correct, I have a $16.1k loss.

How do I get turbotax to ask the questions correctly ?

Or do I have to enter the numbers into a form manually ?

What forms must I use ?

New Member

Bought a house, rehabbed house, sold house. How do I claim deductions?

Did you ever figure this out?  I have a very similar issue.

Thanks

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