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Deductions & credits
When you enter the house as an asset to be depreciated, it will ask for the basis, use your notes to determine your basis in the house.
You need to have a notebook, digital or paper, with the purchase of the house, closing statements, improvements, all the things before you start rental. Once you begin renting, expenses will go under the appropriate section on Sch E. Before rental, allowed expenses go into the basis for depreciation. You will need to keep all paperwork and tax returns until you sell the house plus 3 years.
See more in Pub 527.
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‎January 31, 2024
10:29 AM