Hello,
I have a rental property which has been in place as a rental for many years. After the last tenant moved out, there were significant repairs that needed to be made to the home, totaling over approx. $40K. Repairs included things like adding an AC unit, roof repairs, kitchen repairs, new carpets etc. I decided to put it up for sale at the end of the year in November 2023. It did not sell in 2023 and as of 3/2024, it is still for sale.
How do I claim the repairs/improvements to the house for my 2023 taxes? What about in 2024 when the house finally sells? Should I list some of the improvements as assets to the house, and if so how do I account for that in the following year when the house is sold?
Thanks in advance for your time.
