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Investors & landlords
If the property was not an active rental when the repair were made, add that expense to the basis when sold.
In TurboTax, you might need to select "Converted to personal use" first, to get it off Schedule E and then enter it as a "Sale of Business Asset" to report the sale. Be sure to add the repair to the basis but also report the prior depreciation.
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‎April 15, 2024
7:10 PM