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lsimpson
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How do we enter home improvements (adjust cost basis) to home that was then converted to rental property 3yrs ago before selling in 2016?

 
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SherryM
New Member

How do we enter home improvements (adjust cost basis) to home that was then converted to rental property 3yrs ago before selling in 2016?

Unfortunately expenses for improving or fixing up your home are not deductible.  However, certain improvements can qualify for a Home Energy Credit.  I recommend that you go through the interview for Home Energy Credits under Deductions & Credits>Your Home.

To enter Home Energy Credits -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Deductions and Credit
  • Click on I'll choose what I work on (if shown)
  • Under Your Home
  • On Home Energy Credits, click the start or update button

Or enter home energy improvement in the Search box located in the upper right of the program screen.  Click on Jump to home energy improvement

On the screen Tell Us How Much You Paid for Energy-Saving Improvements -

For HVAC, electric heat pump water heater, natural gas, propane, or oil water heater, and a stove that burns biomass fuel to heat your home or heat water.  Enter the cost in the box labeled Energy-Efficient Building Property.

Please let me know if you have any further questions.
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