I purchased a rental property in October 2023 and I completed $20,000 of rennovations which should be addded to the basis. Should I just add $20,000 to the "improvement value" areas (which is right below the land value"? In other words, if the structure portion of the purchase is $400,000, should I just put $420,000?
.. or should I list that $20,000 of rennovation under "assets and depreciation" to be depreciated seperately?
Thank you.
