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B
bart-bonney
April 15, 2025
Question

1099 s

  • April 15, 2025
  • 1 reply
  • 0 views

I have a piece of personal property (a ranch), I purchase in 2007 for 100k, sold in 2024 for 322.5k I will deduct my closing costs on the additional expense tab, but where do I add my improvements, water well , fence, etc to raise my cost basis?

    1 reply

    V
    Vanessa A
    April 15, 2025

    When you enter the sale, you will see a box to enter your cost basis.  You will add the $100k to the improvements and enter the total there. 

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      B
      bart-bonneyAuthor
      April 15, 2025

      So the 1099 s has a cost basis of 100k, on turbo tax I turn that in 113,700 in my instance ?

      V
      Vanessa A
      April 15, 2025

      Yes.  If your improvements cost $13,700 and you paid $100k, then you would enter $113,700 for your cost basis. 

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