Why does Turbo Tax provide two ways to claim the sale of rental property?
I sold my rental house last year. In Turbo tax premier, I found there are two places allowing me to enter the information on rental sold.
1. Sales of business or rental property section: I can enter the sales price, cost of property and accumulated depreciation.
2. In the 'Sale of Property/Depreciation' section of a rental, I can enter the sold date and sold price, etc. for each depreciated asset including building itself.
I just wanted to know which one I should use?
BTW, in the 'Sales of business or rental property section', can 'cost of property' include the original cost of appliances and repair cost that has spent to meet buyer's requirements?