What Contract Price Do I Use for the Rental Asset "Cost?"

I'm starting to fillin the Capital Gains Tax data in TT and I don't know what price to use from the contract. The choises are: Contract Sales price, Gross Amount Due From Borrower, Gross Amount Due to Seller, Total Paid by/For Borrower or Total Reduction Amount Due Seller?

Thanks,

Kenneth Sibert

204

1 Best answer

Level 2

Mar 14, 2023 12:52:03 PM

Hello Dave, the data fields that I referenced came from the original sales contract that was used to purchase my rental home. Nonetheless, I was told to use the Contract Sales Price.

Thanks,

Ken

Expert Alumni

Mar 13, 2023 11:59:36 AM

To clarify, is this an installment sales contract where you expect to receive payments over a period of time?

Level 2

Mar 14, 2023 12:52:03 PM

Hello Dave, the data fields that I referenced came from the original sales contract that was used to purchase my rental home. Nonetheless, I was told to use the Contract Sales Price.

Thanks,

Ken

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What Contract Price Do I Use for the Rental Asset "Cost?"