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Investors & landlords
If the property is not listed as a rental or is listed as available for sale, it is considered a "second home." As such, the expenses you incurred are added to your basis in the property (not expensed or depreciated). The increased basis will offset a portion of your gain when you sell the property. Report the sale transaction in the year of the sale.
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‎January 30, 2025
4:54 PM