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Level 1
posted Apr 25, 2021 6:28:23 AM

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.

 

 

0 1 112
1 Replies
Expert Alumni
Apr 26, 2021 4:47:34 PM

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.