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Deductions & credits
You are most likely, confusing repairs with property improvements. Repairs are a deductible rental expense in the year the cost is incurred. Property improvements are added to the cost basis in the year said improvement is placed in service, and the cost is depreciated over time. You'll enter property improvements in the Assets/Depreciation section of the program.
In the tax year you sell the property, all depreciation is recaptured and taxed.
‎November 26, 2021
6:16 AM