Selling expenses in two separate years

The sale of my rental property will be finalized in 2024 if everything goes as planned. However, I have spent money to repair it in both 2023 and 2024. I understand that I can list the 2024 repair expenses as a selling expenses for 2024 tax year. What about 2023 repair expenses related to selling my property? Where do I put them?

posted

Neither year of repair expenses are selling expenses. You adjust your basis for the total repair costs instead. The effect is the same but nonetheless this is how it is treated.

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