We have a rental property. In 2022 we had to have major Foundation repair done to the property. From what I have read, this type of repair is considered a "BETTERMENT" and should be depreciated. I have 2 questions:
- Do I need to send a 1099-NEC to the Foundation Repair Company?
- After Depreciating via TTax, what happens when we Sell the property. Can this still be consider a CAPITAL IMPROVEMENT , or is that Double Dipping (taking the depreciation for years & yet adding to the COST BASIS?)
TIA
