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State tax filing
We made significant repairs and improvements to a rental property last year prior to selling. When I added the improvements as an asset, because the property was sold within the same year as the improvements, Turbo Tax treated the improvements as Short Term Capital Gain instead of adding it in cost basis. For depreciation purposes, I also included the improvements as land improvements so it that it will not be depreciated.
March 4, 2022
8:16 AM