Capitalizing Rental Property improvements

[ms1mple]

I improved the rental property that is owned by S Corp. How can I add these costs to the cost base without them showing up as repairs? Turbotax Premier 2019 is being used

[VolvoGirl]

Are you preparing the S corp return?  You can't use Premier to do an S corp return.   You need Turbo Tax Business, not to be confused with Turbo Tax Home & Business. 

[ms1mple]

Of course. oops. It's a Business. Can someone assist me?

[Anonymous_ · Accepted solution]

@ms1mple 

You need to add the improvements as "assets" in the program (see screenshot).

[ms1mple]

@Anonymous_ thank you! Also, this thread is priceless for anyone looking for the same stuff.

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/sale-of-rental-proper...

[karstenv]

If I'm a handyman and did my own improvements. Can I include my labor along with materials involved in the improvement to help raise the cost basis?  If so, what would be an good hourly rate to pay myself?

[VolvoGirl]

Sorry no.  You can't expense or use your own labor.