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nsmtaxtime
March 28, 2023
Question

I had a foundation repair on a rental property which I know counts as an improvement but TT seems to want me to enter it as a residential real estate? Very confused?

  • March 28, 2023
  • 1 reply
  • 0 views
It seems it is prompting me to add an entire extra asset with the cost, cost of land and date purchased...is this correct?

1 reply

D
DianeW777
March 28, 2023

Yes, this is correct. The is a residential real estate property as a capital improvement to the structure (assuming it is a rental residence as opposed to a commercial rental).  You will not enter any amount for land as this asset does not include the land, just leave that blank.  The date of purchase is the day it was completed and available for use. 

 

Any capital improvement attached to the structure must be depreciated using the same method as the rental house.

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