How to calculate the cost basis on a rental investment property?

JeanW
JeanW Quicken Windows Subscription Member
in Registers & Transactions (Windows)
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.

Answers

  • volvogirl
    volvogirl Quicken Windows Other SuperUser ✭✭✭✭✭
    The furniture would be added as a separate Asset or expensed.  

    I'm staying on Quicken 2013 Premier for Windows.

  • Rocket J Squirrel
    Rocket J Squirrel Quicken Windows Subscription SuperUser ✭✭✭✭✭
    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, as of 2025 using QWin Premier (US) on Win10 Pro & Win11 Pro on 2 PCs.

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