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zlan1219
New Member

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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2 Replies
Anonymous
Not applicable

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 

Carl
Level 15

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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