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Deductions & credits
Thank you so much for the reply. My mother passed away before my father, so I am using the city assessment done the month and year that he passed as the cost basis. I was unaware that improvements were not deductions but instead to be added to the cost basis - but that makes sense. Does it matter that some of the updates to the property were paid for a few months before he died? Or am I ok to include those since I have the receipts for the work and the house was technically in my name? This is very helpful - thanks again!
March 17, 2024
9:55 AM