Bought an apartment and sold it after remodeling how should I enter related figures? Thanks

[JohnB5677]

When you bought the apartment you established a Cost Basis (The amount you paid for it).  Your remodeling cost will be added to this Basis. 

The profit or loss on the transaction will be the selling price of the apartment less the adjusted basis.

Other things that can be deducted:

• Real estate taxes
• Mortgage Interest
• Selling commission
• Various fees

[Hal_Al]

Most likely, you report it as a  business profit on Schedule C.  Alternatively, you report it as a capital gain on form 8949 and Schedule D.

For more info, in making that determination, see an older similar question at: https://ttlc.intuit.com/questions/3399983-tax-issues-regarding-flipping-of-a-house 

And references at:

https://www.hrblock.com/tax-center/income/real-estate/flipping-houses-taxes/

https://fitsmallbusiness.com/taxes-on-flipping-houses/  https://www.lendinghome.com/blog/how-to-maximize-house-flipping-tax-benefits/

If you treat it as an investment, you expenses fall into the categories:

1. cost of improvements.  These are added to you cost basis.

2. Carrying costs, e,g, insurance and utilities.  These are not deductible.

3. Closing costs, e.g commission.  These adjust you basis and are entered separately in TurboTax