Rentals

Phil 2020 · ‎October 29, 2022

I am in Oregon and doing my federal tax's. My wife and I have a few rental properties but one was only rented for a month in 2021 and then we started fixing it up for sale. It did not get sold in 2021 because of medical issues. How do I report it? I am using turbo tax.

Phil

Critter-3 · ‎October 30, 2022

You can still report all the carrying costs on the Sch E as normal and add up all the improvements and enter them as one depreciable asset. If you sold the home in 2022 then in the TT program you will enter 1 day of rental use to keep the Sch E alive then follow the screen instructions to sell off all the assets.

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Critter-3 · ‎October 30, 2022

You can still report all the carrying costs on the Sch E as normal and add up all the improvements and enter them as one depreciable asset. If you sold the home in 2022 then in the TT program you will enter 1 day of rental use to keep the Sch E alive then follow the screen instructions to sell off all the assets.