Question

Bought a house, rehabbed house, sold house. How do I claim deductions?

Forum|Forum|5 years ago
June 10, 2020
1 reply
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Bought a house in Virginia as an investment with a possibility of retirement there. Spent three years rehabbing the house. Decided to sell the property.

Purchase price was $49.9K, spent $36.2K for rehab and furnishings, asking price was $79.9K, sold the house complete with furnishings for $70K.

This was not my principle home, I live in Massachusetts.

TurboTax will not ask the appropriate questions to allow me to claim my deductions.

Carl11_2

Employee

What specific deductions are you expecting to claim?

Purchase price was $49.9K, spent $36.2K

So your total cost basis in the property is $86.1K

sold the house complete with furnishings for $70K

So you have a $16.1K loss on the sale, assuming your cost basis includes what you paid for the furniture and other material goods included in the sale.