Is there any clarification on whether a property is considered available to rent during the time it is being cleaned/repaired for sale? In my case the tenant moved out in Dec. 2020 and we spent some time in Jan and Feb 2021 fixing up the house before listing it in Feb 2021. It sold in March 2021. It’s my understanding that cleaning/repair expenses we incurred in Jan and Feb need to captured on an asset listed on the “Your Property Assets” page if the property is not available to rent; how exactly is this determined?
If I create an asset to account for the repair and cleaning expenses incurred just prior to selling the rental, do I need to include this asset with all the other property assets when allocating the structure sales price for the rental property?
If I should add these expenses to my basis instead of creating an asset, what is the best way to do this in Turbotax?
