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Similar situation where we converted our house to personal use after January 2023, fixed it up and then sold it in June 2023. I'm having difficulty figuring out where to add the expenses for improvements such that my cost basis will capture those costs. Please help!
Instead of adding the costs for improvements to your basis, adjust the amount you received for the house by that same amount as a reduction of proceeds. Costs to prepare property for sale.
Are you referring to the Sales Information page where I enter both "Asset Sales Expenses" and "Land Sales Expenses?"
Yes, this is correct.
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