2230042
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

How to enter partial year rental, fix up for sale in same year

I asked this question in a really confusing way so I hope this streamlines it so that someone can help me.

My wife had a share of a rental property

The property was rented for the first 90 days of 2020

The property was taken off the rental market and considerable repairs and fix up were made.

No one lived in the house after that

The property was sold and closed on 8/14/2020

I can easily enter the rental income and expense in Rental Properties and Royalties

The issue is that unless I choose the converted to personal use option, I can't enter the significant fix up expenses for sale.  According to the Turbotax help, I'm not legally allowed to claim personal use.

Any help appreciated.

 

 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
ColeenD3
Expert Alumni

How to enter partial year rental, fix up for sale in same year

You can add the improvements to the basis of the property. Since you placed the property in service and removed it the same year, you will not be allowed to take depreciation, so the basis adjustment will not affect anything related to the rental.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question