My wife inherited a house from her mother and she sold it in 2024. We are trying to figure out the net capital gains or losses from the sales of the inherited house.
1. Are the repair and maintenance expenses incurred only from the time of the advertising the sale to date of sale allowed?
2. What types of repairs and maintenance expenses can be deducted? Are costs to clean the house to be ready for sale, travel miles to the inherited house to clean up, airfare, food purchased while doing cleaning and repairing, payments for lawn mowing and yard cleanup, payment for electrical repairs, allowed as deductions to the sale proceed?
3. Do replacement of hot water heater, and well pump, allowed as deductions? If so, are they considered as improvements or repair/maintenance expenses?
