Sold Rental Property

[TL1949]

De Minimus Safe Harbor - Had no rental income 2020.  But had renovation expenses & improvements.  Sold property June 2020.  Deducted rental expenses for repairs, condo fee, etc.  Added cost of improvements to cost of property (fully depreciated).  Do I still need to printout & sign Rental Real Estate Safe Harbor Statement?

[RayW7]

No, if the property is sold then you either added the improvement(s) to the basis or expensed the items at the time of sale.

There would be no reason to amortize the expense so no need to use the Safe Harbor .

[TL1949]

Thank you for your answer.  I humbly apologize for my late reply.  I replied using email.  Didn't realize it wouldn't transmit.  New with system got lost.  Anyway . . . 

I could not rent my rental property entire 2020 but had it advertised for rent or sale via circulars for during 2020.

Under Rental property income, I entered =0; usual + new repair expenses totaled $9K.  Had new cabinets, carpeting, & appliances added to asset value (not expensed).

After I entered all rental expenses, I went to Sale of Property/Depreciation, where it asked whether I added to rental properties which were in individual total under $2,500 & other detailed questions which gets the Safe Harbor ruling involved.  Has become complicated.

Should I have bypassed this & gone straight to Sold business properties?  

When I proceeded to Sale of Business Property; at cost of Property I indicated what I originally paid for the rental property 30 years ago & added assets additions & closing expenses.   

What should I have done?

NOTE:  People have answered my earlier question & I mistakenly responded via email.  This probably never got through.  For this I humbly apologize.  But all this is getting a bit much.

Please help.

[ColeenD3]

Yes, since it was not rented at all in 2020, enter your information in Sale of Business Property. You would add the cost of the improvements to the basis and get your depreciation information off you depreciation worksheet.