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Quicken Classic for Windows
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How to calculate the cost basis on a rental investment property?
JeanW
I own a rental investment property and remodeled/upgraded some furniture to improve the condition of the cabin thus increasing bookings and marketability. Can I record these purchases as increases to my cost basis in the asset account? When the cabin gets sold all furnishings stay with the cabin.
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volvogirl
The furniture would be added as a separate Asset or expensed.
Rocket J Squirrel
You should read
IRS Publication 527
for tax treatment of furniture and everything else related to residential rental property.
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