Where do I enter remodeling expenses for my rental property?

Forum|Forum|4 years ago
April 13, 2022
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Where do I enter remodeling expenses in Turbo Tax for my rental property? There is not an appropriate selection in Turbo Tax under Rental Property Info, Expenses section.

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Mike9241

we don't know how much you spent or the nature of the remodeling. the expenditure might be an expense or it might be a cost that needs to be capitalized (depreciable asset). please provide more details

dwk2001dwkAuthor

Remodel was around 92,000 included new walls, 2 full bathroom gut and remodels, new electric, pipes, walls, ceilings

JillS56

The remodeling expenses of your rental property would be reported as a fixed asset and depreciated. When the property is sold the $92,000 would be added to the basis (your basis is the amount paid for the property) to increase your basis in the property.