- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
How to increase basis of rental property due to a capitol improvement in Pro Series Basic
Best Answer Click here
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Capitol (sic) improvements get added to the fixed asset/depreciation schedule.
( Generic Comment )"
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Fill out a new asset entry worksheet for the improvements.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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?
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Can you direct me to that schedule in pro series basic?
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
They are about 6 yrs into the rental.
I will take your advice.
Yhank You