How to calculate the cost basis on a rental investment property?
JeanW Member ✭
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.
The furniture would be added as a separate Asset or expensed.0
You should read IRS Publication 527 for tax treatment of furniture and everything else related to residential rental property.
Quicken user since version 2 for DOS, now using QWin Premier Subscription (US) on Win10 Pro.0
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