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How to report an improvement of rental property that occurred in the same year the rental property was sold.
- Rental property was purchased 2022
- Rental was improved in June 2024 (while tenant was still living in the property)
- Rental was sold in December 2024
- Rental property was always rented (never used for personal use)
How to report the improvements : Selling expenses ? Deprecated asset ? Repairs ?
There is a complete inconsistency with responses to similar questions in the community and it’s extremely frustrating.
I’m using TT ONLINE and would like a step by step (screens included please) on how to properly report it.
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February 2, 2025
9:45 AM