topic Do I add 2018 mortgage interest, insurance cost, and utilities to the tax basis of a rental property I sold in 2018, if stopped renting it in 2017? in Investors & landlords

Do I add 2018 mortgage interest, insurance cost, and utilities to the tax basis of a rental property I sold in 2018, if stopped renting it in 2017?

jllewis119 — Mon, 03 Jun 2019 17:33:14 GMT

I inherited and began renting the property in 2015, stopped renting Nov. 2017, & sold it Jan. 2018. Never used as personal residence. Sold for profit.

You should be selling it as a rental property on the Sch...

Critter — Mon, 03 Jun 2019 17:33:16 GMT

You should be selling it as a rental property on the Sch E in this situation ... put the holding costs on that form.

https://ttlc.intuit.com/questions/1933977-i-sold-my-rental-property-how-do-i-report-that?jump_to=answer_3388350

I guess my issue is that it was not rented in 2018, since...

jllewis119 — Mon, 03 Jun 2019 17:33:18 GMT

I guess my issue is that it was not rented in 2018, since the tenants left Nov. 2017 and it was sold Jan. 2018. When I enter 0 days used as a rental, then it deletes it. Should I include the days in January that I owned it even though it was not rented?

Put 1 day for rented to keep the Sch E present.

Critter — Mon, 03 Jun 2019 17:33:19 GMT

Put 1 day for rented to keep the Sch E present.

No mortgage interest, insurance cost, and utilities are n...

Leonard — Mon, 03 Jun 2019 17:33:20 GMT

No mortgage interest, insurance cost, and utilities are not added to the tax basis of rental property.

The adjusted cost basis of your rental property when you sold it is the purchase price plus any capital improvements you have made to the property less depreciation.