Hello, I am working to complete my small business return. I renovate real estate (classified as a dealer) and I bought a property in 2021 but am selling in 2022. I believe I need to capitalize the expenses I had in 2021 in order to lower my basis in 2022, but I am not sure where to do that. I know I cannot depreciate a flip house. Most advice I've found on here is for people filing a Schedule C but we are an LLC and file using Form 1065. The expenses I am referring to are repairs I did in 2021, insurance and property taxes. Thank you!
