Thanks so much! You explained it perfectly. I always try to correct any errors if I discover them, but trying to do that can sometimes create more errors. Therefore my solution was to seek guidance first and it has been extremely valuable!
This makes perfect sense. I will not add the improvements although the cost may be legitimate. I agree, the best way to correct the past in this case is to not add the improvements to the basis for the sale.
It looked liked it was the best decision the more I pondered it last night, but I needed an expert opinion to be sure. I wanted my records to be correct, but I also needed to be sure that my decision would not cause me to pay more in taxes than is required or in this case, necessary.
Thanks again for such a timely response!😊
