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Investors & landlords
Include the cost of your improvements in the cost basis of the property (part of the interview).
See Where do I enter the sale of a second home, an inherited home, or land on my 2020 taxes? for detailed instructions on reporting the sale.
See What is the definition of cost basis? for guidance in determining your cost basis. See the related links if you received the property as a gift.
May 14, 2021
11:36 AM