☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jan 22, 2022 5:49:26 PM

Capital Improvements Deductions for Rental Property Sale

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.

0 2 610
2 Replies
Level 11
Jan 22, 2022 7:24:17 PM

Big problem if you didn't take depreciation deductions since converting in 2014. 

See a tax pro.

Level 15
Jan 22, 2022 8:04:46 PM

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.