Sale of Rental Property in 2022

[c017486]

I purchased a condo in 1986 which I converted to 100% rental use in 1991.  In Feb 2022, my tenant moved out and I invested 25K to renovate the property and sold it in Aug 2022.  I never used the property for personal use once it was converted.  I am trying to figure out how to report the renovation and the sale on my 2022 federal tax return.  Thanks

[tagteam · Accepted solution]

You should simply be able to add the $25,000 to your adjusted basis for the property (which for the structure should be $0 as it should be fully depreciated).