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Sale of Rental Property in 2022

Forum|Forum|2 years ago
September 15, 2023
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I purchased a condo in 1986 which I converted to 100% rental use in 1991. In Feb 2022, my tenant moved out and I invested 25K to renovate the property and sold it in Aug 2022. I never used the property for personal use once it was converted. I am trying to figure out how to report the renovation and the sale on my 2022 federal tax return. Thanks

Rental Property

Best answer by Anonymous_

You should simply be able to add the $25,000 to your adjusted basis for the property (which for the structure should be $0 as it should be fully depreciated).

A

Anonymous_Answer

Employee

You should simply be able to add the $25,000 to your adjusted basis for the property (which for the structure should be $0 as it should be fully depreciated).