Mikeman
Level 2

How to increase basis of rental property due to a capitol improvement in Pro Series Basic

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abctax55
Level 15

Capitol (sic) improvements get added to the fixed asset/depreciation schedule. 

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Just-Lisa-Now-
Level 15
Level 15

Fill out a new asset entry worksheet for the improvements.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Mikeman
Level 2

Thank you for the reply.

I tried that but it does not increase the original basis going forward. What I did was double clicked on the original asset cost which opens up a supporting statement where I listed the original cost and then the improvement cost and it changed the value on the asset entry worksheet.

How does that sound to you? 

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Mikeman
Level 2

Can you direct me to that schedule in pro series basic?

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Just-Lisa-Now-
Level 15
Level 15

Is this the first year with the rental and yorue just setting it up?  If so, then what youve done would work...if this was an existing rental and they made improvements at a later date, then youd add a separate asset entry worksheet.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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Mikeman
Level 2

They are about 6 yrs into the rental.

I will take your advice.

Yhank You