I recently sold an investment rental I had for 15 years. Now I need to determine its basis.
Having been faithful to do every tax return through TurboTax, starting each new return from the data file from the previous year, it has been my hope that TurboTax would manage these calculations.
If that is not the case, does that now mean I need to comb through 15 years of data to determine the basis?
If yes, any ways or processes to speed up the process?
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If you have been depreciating the property in TurboTax, you can review those entries in the Asset Section under Rentals or print the complete Depreciation schedule from the Print Center.
The depreciation schedule and worksheets will provide the original asset balance as well as the accumulated depreciation.
The Depreciation and Amortization Report is included with the tax return when you download the return using Print Center and request all worksheets,
If you need to re-create the basis, it can l be calculated as the cost basis of the property plus improvements made to the property, less allowable depreciation (whether or not it was taken.) Rental property (less land) is depreciated for 27.5 years.
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