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Deductions & credits
You can't include the cost of those improvements before your father died because you didn't own the house. You had a remainder interest not full ownership. You can use the FMV on the date of your father's death as your basis though which might give you a better result. Of course you can include the improvements you made in your basis AFTER you became owner of the property......when the life estate ended.
March 17, 2024
5:44 PM