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Investors & landlords
Ok thanks. So in summary:
1) Rental property in 2021 was rented from Jan thru Jun 2021 - I deduct rental expenses in Sch E for that period. Also show rental income for that period in Sch E - like normally done.
2) From Jul to Dec 2021 not rented but repairs, upkeep and improvements were done for sale. These costs would be added to the cost basis (am I correct?)
3) Sold in Jan 2022. So, New Cost basis = Original cost + expenses incurred in #2 + closing costs on sale
Sorry for repeating. Just want to be sure. Thanks in advance.
‎April 5, 2022
1:31 PM