I purchased a home in 2006, started renting it out in 2014 and did lots of capital improvements to the property over the years. Sold the house in 2021 and need to record the capital improvements to deduct from the Capital Gains. I am not seeing where to enter those improvements in TurboTax. Help would be greatly appreciated.
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Big problem if you didn't take depreciation deductions since converting in 2014.
See a tax pro.
Property improvements are entered in the Assets/Depreciation section on the tax return for the tax year the improvement was completed and placed in service. Then depreciated over time starting on the date placed in service. If you did not do this, you have a big (and potentially costly) problem. You need to RUN to a tax pro for help to get this fixed. This is especially important if your state also taxes personal income.
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