I bought an investment property on November 20, 2015 (a house). I rehabbed it and sold it on November 29, 2016. Where do I report the sale and capital gain?
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If you did not rent out the property during the year, then you may report it under the following TurboTax steps:
Cost Basis - Original cost, including sales tax, purchase expenses, etc.
PLUS
- Improvements (with a useful life of more than one year)
- Nondeductible assessments for improvements (sidewalks, utilities,
etc.)
MINUS
- Depreciation claimed
- Section 179 deduction taken, and
- Casualty and theft losses deducted
If you did not rent out the property during the year, then you may report it under the following TurboTax steps:
Cost Basis - Original cost, including sales tax, purchase expenses, etc.
PLUS
- Improvements (with a useful life of more than one year)
- Nondeductible assessments for improvements (sidewalks, utilities,
etc.)
MINUS
- Depreciation claimed
- Section 179 deduction taken, and
- Casualty and theft losses deducted
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