I purchased a rental property in February 2018 which I sold in June 2020.
I have been using TT to track the rental income for 2018 and 2019 tax returns.
In 2020 the house was rented through March 2020 and I spent $$ to refurbish (paint, roof, flooring and new appliances) before selling in June 2020.
For my 2020 return, where do I enter $$ spent on refurbishing so that it becomes part of the basis. Since the work was done post rental, I do not think I can enter this as part of rental expense.
I am planning to add the refurbish expenses and the closing cost expense and enter the total in the "Asset Sales Expenses (Business Portion Only)" box. Is this OK?
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Yes! Those expenses are ultimately added to the basis along with the sales expenses.
Yes! Those expenses are ultimately added to the basis along with the sales expenses.
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