Where do I include basis in property sold with improvements on 1065 rental (8825)?

Forum|Forum|2 years ago
March 2, 2024
1 reply
11 views

Sold property in May 2023. Improvements were made prior to sale of property. I selected total disposition of property in 2023. The improvement did not carry over to basis. How do I make it so the improvements are included in the basis?

ProSeries Professional

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

if you have the property listed as an asset, go to the asset entry worksheet and scroll down to the disposal section, you can enter costs of sale in that screen.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

N

Nicholas RaynesAuthor

Level 2

Thanks for the quick response. I have already tried this and it doesn't include improvements made earlier. How do I get the improvements included in the basis?

Just-Lisa-Now-

Intuit Community Champion

earlier than what? if improvements were done in order to get it ready to sell, those are costs of sale....if they were done in the years prior they should have already been included as assets in the years the improvements were done while it was a rental.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

Sign up

Login with SSO

Let's get you signed in

Login with SSO