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sale of rental property

Getting into a rut!

 

I could not rent my rental property entire 2020 but had it advertised for rent or sale via circulars for during 2020.
 
Under Rental property income, I entered =0; usual + new repair expenses totaled $9K.  Had new cabinets, carpeting, & appliances added to asset value (not expensed).
 
After I entered all rental expenses, I went to Sale of Property/Depreciation, where it asked whether I added to rental properties which were in individual total under $2,500 & other detailed questions which gets the Safe Harbor ruling involved.  Has become complicated.
 
Should I have bypassed this & gone straight to Sold business properties?  
When I proceeded to Sale of Business Property; at cost of Property I indicated what I originally paid for the rental property 30 years ago & added assets additions & closing expenses.   
 
What should I have done?
 
NOTE:  People have answered my earlier question & I mistakenly responded via email.  This probably never got through.  For this I humbly apologize.  But all this is getting a bit much.
Please help.
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2 Replies
ColeenD3
Expert Alumni

sale of rental property

In your previous post, you said, "renovated property 2019-2020; sold property Jun 2020". You could not have held it out for rent if you were renovating it.

 

If, at any time in 2020, your property was ready and available to be rented, meaning a tenant could move in at any given moment, you can take rental expenses on Schedule E for that time period. 

 

If you did not, enter the sale as previously described, including adding the improvements to the basis of the property.

sale of rental property

Property was available for rent/purchase & rent with option to renovate & be compensated by me throughout 2019-2020.  Property was available for rent at all times but under various circumstances.

 

Again.  Thank you for helping me.

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