Carl,
Two related questions:
1. Does this also apply to commercial real estate, such as office condos?
2. In my particular situation, a piece of property that was rented for 14 years suffered the collapse of an exterior walkway, and therefore could not be rented until the walkway was replaced. Are all normal operating expenses -- property taxes, condo fees, mortgage interest, etc., -- deductible? Or do they have to be added to basis?
(The property received its use and occupancy permit on Dec. 4, 2021).
