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Investors & landlords
If the remodel occurred in 2021, then the expense for that can be entered with your selling expenses to achieve the correct gain (or loss). This will achieve the end result for your tax return that you need, which is reflecting the correct gain (or loss).
There is no reason to add the remodel as an asset because it occurred after it was no longer being rented and then the rental was sold.
The rental income and expenses would be entered as usual and the sale will handle the remodel as indicated producing your correct end results for both the rental and the sale. Based on the thread here I don't see your original question.
Please update here if you need further assistance.
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‎February 11, 2022
11:32 AM
4,000 Views