turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Where do I list the expenses to decorate and purchase new flooring for the sale of a rental property?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
DavidD66
Expert Alumni

Where do I list the expenses to decorate and purchase new flooring for the sale of a rental property?

If you have take it out of service (you're not currently renting or trying to rent) then the new flooring would be added to your cost basis.  The decorations would be selling expenses.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Carl
Level 15

Where do I list the expenses to decorate and purchase new flooring for the sale of a rental property?

It's not as simple as "add it to your cost basis" makes it sound.

If by "decorate" you mean staging costs, that should be included as part of the RE agent's commission. If it's not, then they're included in selling expenses.

Your new flooring is not an expense. It's a property improvement.

The new flooring is entered the assets/depreciation section with an "in service" date of the closing date of your sale and a business use percentage of ZERO since the property was never rented out after that new flooring was installed.

 

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies