I need to adding the cost of a capital improvement to the basis of a rental property for depreciation purposes. I can add it as a new Asset but it does not accumulate to the same rental property. I am looking for the way to correctly do this.
Many thanks
This discussion has been locked. No new contributions can be made. You may start a new discussion here
But improvements are separate assets and a new asset should be created in the year that the improvements were put into use.
"I can add it as a new Asset but it does not accumulate to the same rental property."
What does this mean.....it does not accumulate to the same rental property?
You mean attach to the same property. You can change the activity in the Forms menu, while you are looking at the new asset sheet.
Every time you add a new asset, do it while looking at another asset in the same activity, then it will attach properly.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.