I have similar situation I need guidance with. I bought my rental in 2006 for 360k and sold it in 2020 for 405k. I stopped renting it in Aug 2020 so I could make the repairs to be able to sell it. I put about 70K into it so it could sell. Where do I put the 70K I put into the property to sell. Do I put it as asset sales expenses. I tried to put it in as an added asset but it didn't change my taxes at all. I don't want to put it in the wrong spot and cause a red flag, I have been reading 100's of notes on here and I am still not clear what to do.
