Sell of Rental Property

Bioguy2008 — Tue, 23 Mar 2021 20:42:46 GMT

I sold rental property in 2020. A few months prior to the sale I made improvements on the property. How to I handle the cost of the improvement. Can I add it to the cost of sale for the cost basis?

Re: Sell of Rental Property

RayW7 — Tue, 23 Mar 2021 21:06:36 GMT

You, would add these improvements to the basis of the property.

How to enter income and expenses from a rental property:

With your return open in TurboTax, search for the word rentals in the search box.
- Click Jump to rentals in the search result.
Answer Yes to the question Did you have any rental or royalty income and expenses?
Follow the on-screen instructions as you proceed through the rental and royalties section.
- We'll first ask you to enter general information about your rental (description, address, ownership percentage, etc.)
- Eventually, you'll come to the Rental Summary screen which is where you enter your:
  - Rental income
  - Rental expenses
  - Capital assets and depreciation
  - Vehicle expenses

-follow this link for additional information on the sale of Rental Property-

I sold my rental property. How do I report that?

Re: Sell of Rental Property

Bioguy2008 — Fri, 26 Mar 2021 16:11:26 GMT

Thanks, that answers my question.

topic Sell of Rental Property in Business & farm

Sell of Rental Property

Re: Sell of Rental Property

Re: Sell of Rental Property