Property rental purchased 2012, and rent out until Dec 2015, I spent $60K in 2016 to fix it, and sold in 2016. Should I increase the cost of the property?

[jtamtriu]

I don't know where to enter my $60K repair expenses spent in 2016 to upgrade the property.  This property never personal use.

[MichaelL1 · Accepted solution]

In the rental area, go to Asset/depreciation and add an improvement for the $60K spent.

Then when reporting the sale of the rental property in the Rental section you will need to allocate the entire sales price to the assets on the depreciation schedule plus the land.

You will also allocate the selling costs (commission and other closing costs) to the various assets. 

This will then determine any gain or loss on the sale.