ColeenD3
Expert Alumni

Deductions & credits

You should not have deducted any expenses from Schedule C as you never had a business. It sat empty. It did not produce income. This was your personal property. 

 

"One of the main purposes of an LLC is to provide liability protection for the members and managers. Unlike some other business structures, such as a sole proprietorship, an LLC structure protects the personal assets of the owners from business liability." LLC

 

Expenses of personal property upkeep are not deductible. If you made any major improvements to the property from the time you inherited it until you sold it, these amounts are added to the basis.