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Updated over 2 years ago,

User Stats

57
Posts
17
Votes
Justin Summers
17
Votes |
57
Posts

TURBOTAX- where to enter Capital improvements on a rental

Justin Summers
Posted

I bought a small RV park under a multi member LLC, that needed a ton of work in 2020 for $250k and sold it about a year later in 2021 for $450k after putting in about $150k in work/repairs/upgrades. I'm doing my taxes now and am a bit confused.

I realize that most of what I'm doing is going to be capital improvements.  Replacing Electric and full renovations of bathhouse, ect.

The issue is how to enter them (Capital Improvements) in turbo tax business.

I have entered the value of the buildings portion of the property (Purchase price - land value) as a depreciable asset in turbo tax) but I'm a bit confused about where to enter the capital improvements.

I'm assuming this is treated as a rental property even though it's more commercial. 

Under "Rental real estate income and expenses" I have (see below)  WHERE DO I PUT CAPITAL IMPROVEMENTS? as I sold the property in 2021 and need to claim them.