Please confirm when you say "added to the cost basis of the property" that means the market value of the property when I inherited it? Yes, this is an inheriance.
I was under the impression that preping and prepairing a property for rent that all of those expenses are somehow tax deductble in the year the work was done, but if the work occured over two years (which it was) then only those repairs and such are deductable for that year.
Can transportation costs, food, lodging, etc. be partialy or wholey deducted as well?
Thank you.
