LadyHawk52
Returning Member

Can I deduct sale preparation expenses when selling an asset (boat)? For instance, painted the bottom ($2,000) to get it ready to sell?

The asset (boat) was used for our charter business which we closed.  We have to recapture depreciation taken, etc. since we did sell at a profit.  But we spent considerable funds getting the boat ready to sell.  We know the sales commission affects the cost basis, but what about other expenses to ready it for sale?