Does the trust report the renovation costs under rental repairs? Or should it get factored into the cost basis of the home on the date when my dad passed? Or elsewhere? We never lived in the house. It was a rental when my dad passed.
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"It was rented when my dad died so it earned rent, we did renovations"
In general, rental repairs are expensed while renovations are capitalized (i am presuming this is still a rental).
Regardless, you would enter both in the Rental section of the program.
"It was rented when my dad died so it earned rent, we did renovations"
In general, rental repairs are expensed while renovations are capitalized (i am presuming this is still a rental).
Regardless, you would enter both in the Rental section of the program.
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