Purchased new rental property. In TurboTax "Purchase Price" do I enter purchase price or the cost basis? I had to replace the roof and add insulation before renting.

[sharp_rob]

When entering the purchase price, TurboTax doesn't give additional information about cost basis. 

Do I enter the price of the home? 

The price of the home plus closing costs? 

The price plus closing plus renovation/repairs (i.e. cost basis)? 

I had almost $16k of work to complete to make it livable... 

Thank you! This forum has been a GREAT help. 

[Ashby · Accepted solution]

Your purchase price should include closing costs. Your improvements (roof/insulation/etc.) should be entered as such and depreciated at the residential rental depreciation rate (27.5yrs).

[sharp_rob]

I just saw that there is a page to enter legal fees, title insurance, etc. The page is titled "Enter Escrow Fees" which is probably incorrect, since things like legal fees and title insurance are NOT escrowed.