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New Member
posted Jun 3, 2019 10:33:14 AM

Do I add 2018 mortgage interest, insurance cost, and utilities to the tax basis of a rental property I sold in 2018, if stopped renting it in 2017?

I inherited and began renting the property in 2015, stopped renting Nov. 2017, & sold it Jan. 2018. Never used as personal residence. Sold for profit.

0 4 706
4 Replies
Level 15
Jun 3, 2019 10:33:16 AM

You should be selling it as a rental property on the Sch E  in this situation ... put the holding costs on that form. 

https://ttlc.intuit.com/questions/1933977-i-sold-my-rental-property-how-do-i-report-that?jump_to=answer_3388350


New Member
Jun 3, 2019 10:33:18 AM

I guess my issue is that it was not rented in 2018, since the tenants left Nov. 2017 and it was sold Jan. 2018. When I enter 0 days used as a rental, then it deletes it. Should I include the days in January that I owned it even though it was not rented?

Level 15
Jun 3, 2019 10:33:19 AM

Put 1 day for rented to keep the Sch E present.

Intuit Alumni
Jun 3, 2019 10:33:20 AM

No mortgage interest, insurance cost, and utilities are not added to the tax basis of rental property.

The adjusted cost basis of your rental property when you sold it is the purchase price plus any capital improvements you have made to the property less depreciation.