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Level 2
posted Oct 17, 2021 7:31:42 PM

Capitalizing Rental Property improvements

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

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1 Best answer
Level 15
Oct 18, 2021 7:23:10 AM

@ms1mple 

 

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

 

6 Replies
Level 15
Oct 17, 2021 7:39:12 PM

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. 

Level 2
Oct 17, 2021 7:54:43 PM

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

Level 15
Oct 18, 2021 7:23:10 AM

@ms1mple 

 

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

 

Level 2
Oct 18, 2021 3:11:09 PM

@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-property-do-we-include-depreciation-on-appliances-as-well-as-the-building/01/781147/highlight/true#M34584

New Member
Sep 28, 2022 12:15:11 PM

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?

Level 15
Sep 28, 2022 12:30:55 PM

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