Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Adjusting basis on a rental property sold in 2023

jvanstee2000
Level 1

My client has a residential rental property that he sold in 2023. In late 2022 he did a major kitchen remodel for 15k and has a receipt. He did not give me the receipt for it when I did his 2022 return so it wasn't added or depreciated in 22. He paid 60k for the rental in 2017 and we have depreciated it since then. Now that it is sold, how can I adjust the basis in proseries to reflect the 15k remodel done last year. I need to adjust his basis but can find where to add it in proseries. Form 4797 or one of the worksheets I assume but can figure out how the adjust his basis. Any help?

0 Cheers
2 Comments 2
Terry53029
Level 14
Level 14

Amend 2022

 

sjrcpa
Level 15

@Terry53029 Your answer is technically correct.

But at most, there'll be about $500 depreciation expense, which may just add to a suspended passive loss c/o.


Ex-AllStar
0 Cheers