PremierTaxTrave l
Level 2
03-13-2023
07:34 AM
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Client has an owner occupied 2 Family that sold. I know that I need two separate entries to report the sale, one for the owner occupied portion and one for the rental portion. The asset entry form currently shows 1/2 the basis at 100% business use (so only the rental portion)- is there a way to adjust the basis by 1/2 the capital improvements on the same asset entry form. Capital improvements were made the same year as the home sale.
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Level 15
03-13-2023
07:51 AM
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You make a new asset entry ( improvements 27 1/2 yrs) use 1/2 price, 100% business use.
For personal half just add 1/2 improvements to personal basis
PremierTaxTrave l
Level 2
03-13-2023
11:37 AM
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Thank you!