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Where should the property improvement cost for a rental property be put? Work was done just 2 month before the sell.
add as asset in depreciation section? Or add to selling expense?
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Anonymous
Not applicable
April 7, 2020
11:02 PM
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Where should the property improvement cost for a rental property be put? Work was done just 2 month before the sell.
an asset should be entered

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Where should the property improvement cost for a rental property be put? Work was done just 2 month before the sell.
All property improvements are entered in the assets/depreciation section. Since the property was sold and not rented after the improvements were done, your in service date should be the closing date of the sale, and if you can enter 0% business use and the program accept it, do so. Otherwise, enter 1% business use and you'll be fine.
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