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Will closing costs and major improvements undertaken before a rental property was put into service increase its basis for depreciation? TurboTax is not doing this - why?
I converted a condo that was my second home into a part-time rental this year. After purchasing the condo, I renovated it, all before putting it into service. Turbotax is asking me about home improvements, as well as closing costs, for the property, but then for some reason is not adding either to the basis it says I can depreciate. Why would this be?
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‎January 30, 2022
9:12 PM