Yes, report the cost of the entire project as the cost of the new asset when completed.
Any money received from the repayment and bond funds should be used to reduce the cost of the asset.
The unpaid portion remaining should be added to the cost of the asset. Also include the legal fees, if applicable.
Every expense or reimbursement for work not completed should be used to arrive at the adjusted basis of the project asset. This adjusted cost basis will be used for the asset when it is ready and available for use as another asset of the multi-family residential property.
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