how to increase basis on a rental property due to a capitol improvement in Pro Series Basic

Forum|Forum|6 years ago
March 15, 2020
6 replies
27 views

How to increase basis of rental property due to a capitol improvement in Pro Series Basic

ProSeries Basic

This topic has been closed for replies.

Best answer by Just-Lisa-Now-

Is this the first year with the rental and yorue just setting it up? If so, then what youve done would work...if this was an existing rental and they made improvements at a later date, then youd add a separate asset entry worksheet.

abctax55

Level 15

Capitol (sic) improvements get added to the fixed asset/depreciation schedule.

HumanKind... Be Both

M

MikemanAuthor

Level 2

Can you direct me to that schedule in pro series basic?

Just-Lisa-Now-

Intuit Community Champion

Fill out a new asset entry worksheet for the improvements.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

M

MikemanAuthor

Level 2

Thank you for the reply.

I tried that but it does not increase the original basis going forward. What I did was double clicked on the original asset cost which opens up a supporting statement where I listed the original cost and then the improvement cost and it changed the value on the asset entry worksheet.

How does that sound to you?

Just-Lisa-Now-

Answer

Intuit Community Champion

Is this the first year with the rental and yorue just setting it up? If so, then what youve done would work...if this was an existing rental and they made improvements at a later date, then youd add a separate asset entry worksheet.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

Sign up

Login with SSO

Let's get you signed in

Login with SSO