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Investors & landlords
You can add the cost of improvements you made to #1 home to the cost basis of that home when you report the sale.
You can also claim sales expenses such as brokers' fees, closing costs paid by you, cost of advertising for the sale. The sales expenses will reduce your capital gains.
However, you must recapture depreciation allowable on that home during the years you rented the home.
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‎June 4, 2019
12:37 PM