How to report renovation and sale of rental property

[MemphisRebel]

I purchased a small single-family home in 2017 and started using it as a rental property at that time and have been depreciating in my annual income tax filings.  The last tenants moved out at the end of March 2021, and I decided since the real estate market was so hot for single-family homes that I would do some improvements and sale it.  Started renovations in April 2021 and spent a little over $15k.  Put in on the market in June and closed on the sale in mid- August 2021 with a profit of $20K, including mortgage payoff and renovation costs.

Can I account for all aspects of this (3 months of rental income, depreciation, renovation costs, profit from sale) in the "Rental Properties and Royalties" section of TurboTax basic? 

[Critter-3]

Treat it as if it was a rental until the day it is sold so you can deduct the carrying costs and the improvements are repairs in the year of sale.  Then sell off the assets ... just follow the interview screens.  You will have to manually calculate the allocation of the sales price and cost of sale ... once you have your numbers the entry is a breeze.

A simple example of ratio allocation ...  if you have more assets than the example then you will have more lines.  Remember if you divide a big number into a littler number you get a % ...  thus 5000/100,000 = 5%

       original  cost basis          ratios                  Sales price             cost of sale 

home    80000                   80%                          160,000               8,000

land       15000                   15%                           30,000                 1,500

roof        5000                        5%                           10,000                   500 

totals     100,000                100%                        200,000               10,000

All you need to enter into the program is the % of sales price & % of cost of sale for each asset ... IGNORE the depreciation taken as it is immaterial for the sales of the assets.