topic Bought an apartment and sold it after remodeling how should I enter related figures? Thanks in Investors & landlords

Bought an apartment and sold it after remodeling how should I enter related figures? Thanks

ngolriz — Mon, 09 Mar 2026 05:03:06 GMT

JohnB5677 — Thu, 24 Feb 2022 19:26:37 GMT

When you bought the apartment you established a Cost Basis (The amount you paid for it). Your remodeling cost will be added to this Basis.

The profit or loss on the transaction will be the selling price of the apartment less the adjusted basis.

Other things that can be deducted:

Hal_Al — Thu, 24 Feb 2022 23:30:32 GMT

Most likely, you report it as a business profit on Schedule C. Alternatively, you report it as a capital gain on form 8949 and Schedule D.

And references at:

If you treat it as an investment, you expenses fall into the categories:

1. cost of improvements. These are added to you cost basis.

2. Carrying costs, e,g, insurance and utilities. These are not deductible.

3. Closing costs, e.g commission. These adjust you basis and are entered separately in TurboTax