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Investors & landlords
Yes, your remaining basis in those assets will be included in your sale calculations but not as part of the basis of the residence. Instead, allocate a portion of the sales proceeds to the roof and flooring first, then apply the remainder to the residence.
Critter-3 has posted an excellent example of How to Allocate Gains to Various Assets.
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‎April 3, 2023
1:26 PM