Prior to selling my rental I had to make a lot of repairs to make it sellable. I had the tenants leave in August and then put about 70,000 into it. I sold my rental in Dec 2020. I have no idea where to put that 70,000 since it isn't rental expense. Do I put it in asset sales expenses? Currently I have asset sale price of 269,325 and land sale 135,675 (sold for 405,000) and then I put asset sales expenses of 77,000. But I don't know if that is the right place.
I read some spots where they put it in the original purchase price. I bought it for 360,000 so would I reduce it by 70,000. Seems like that would case red flags. Please help, where am I suppose to put it?? Thank you in advance
