Where to enter purchase closing cost as cost basis on sale of a rental converted from primary

I converted primary home to rental for 2 years and sold in 2020. I'm using Turbotax premier. Where to enter the closing cost paid at purchase? I paid real estate commissions on purchase so it's a material amount to add to the cost basis. I tried to add as a separate asset in the rental disposition section and Turbotax asks in service date treating it as asset or improvement. But purchase closing cost doesn't amortize, does it?

Thanks

344

Expert Alumni

Apr 4, 2021 7:39:57 AM

Do not include a separate asset, simply add it to the basis of the property.

Level 15

Apr 4, 2021 7:47:56 AM

Your amortized costs are only entered in the assets/depreciation section when you purchase the property. When you sell the property it just gets added to the cost basis of the property, or included in your sales expenses.

Why sign in to the Community?

Where to enter purchase closing cost as cost basis on sale of a rental converted from primary