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Investors & landlords
You can take the expenses in the years where you actually spent the money. So the repairs you paid for in 22 would be on the 22 return, the repairs paid for in 23 on the 23 return.
You will probably get a better deduction for direct repairs than for a disaster loss. So it may be worth going back and amending. You definitely can't take both so if you did that then an amendment is a good idea.
You didn't sell the property so no sale should have been generated. If the property shows as sold on the 23 return then you need to go back over the questions for the rental house and fix the answers.
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March 1, 2024
11:52 AM
1,047 Views