1099 s

[bart-bonney]

I have a piece of personal property (a ranch), I purchase in 2007 for 100k, sold in 2024 for 322.5k I will deduct my closing costs on the additional expense tab, but where do I add my improvements, water well , fence, etc to raise my cost basis?

[Vanessa A]

When you enter the sale, you will see a box to enter your cost basis.  You will add the $100k to the improvements and enter the total there. 

[bart-bonney]

So the 1099 s has a cost basis of 100k, on turbo tax I turn that in 113,700 in my instance ?

[Vanessa A]

Yes.  If your improvements cost $13,700 and you paid $100k, then you would enter $113,700 for your cost basis.