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I sold my vacant rental property in 2/2021. I made capital improvements in 1/2021. Where do I add their cost? Do I add to the cost basis transferred from 2020 return?
The rental property was listed for sale in January 2021 and was not actively listed for rental. I installed a new heating system during this time. Where do I add this capital improvement to my cost basis. The cost basis figure transferred from my 2020 return did not include this improvement as it was made in 1/2021. Should I manually change the cost basis? The sale closed in Feb 2021.
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‎April 13, 2022
8:56 AM