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Sale of Rental Property - how to enter long term capital improvements? And sales expenses such as painting, repair while house was vacant and for sale?
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Ideally capital improvements would have been added to the basis in all along for depreciation. If they have not been, add them to the basis but only those done while it was a business property.
From IRS Pub 527: Vacant rental property. If you
hold property for rental purposes, you may be able to deduct your ordinary and
necessary expenses (including depreciation) for managing, conserving, or
maintaining the property while the property is vacant. However, you cannot
deduct any loss of rental income for the period the property is vacant.
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