Entering home improvements which change basis on sale of non-rental second home
Where in Turbo tax premier is this done?
Where in Turbo tax premier is this done?
Sale of a second home is treated as a sale of an investment.
In TurboTax Desktop Premier, follow these step.
By 'home improvements' do you mean that the original purchase price of the home was $200,000 but you spent another $40,000 to remodel the kitchen and $30,000 to remodel the bathroom? In such a case, the cost basis of the non-rental second home would be $270,000. In such a case, you may enter one entry for $270,000.
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