Preparing a Rental for Sale
cancel
Showing results for 
Search instead for 
Did you mean: 
Dorshire
New Member

Preparing a Rental for Sale

I had to do a  significant amount of work including items normally classified as expense such as painting to get a rental propery ready to sell.  This was accomplished in 2020 and the property was sold in 2021. No tennants were in the property after these improvements.   My income is greater than 150k so no passive expenses are deductable. What do I do with all of these expenses that I incurred in 2020?  How can they benefit me against the sale. 

1 Reply
ColeenD3
Employee Tax Expert

Preparing a Rental for Sale

You would add them to the basis of the property. Any repairs done in conjunction with improvements are also counted as the improvement.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
v
Privacy Settings