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hly6
New Member

I bought an investment property ( house ) in June 2108 to fix and remodel then It was sold in March 2019. Do I need to report the expenses in the 2018 tax return ?

 
1 Reply
Coleen3
Intuit Alumni

I bought an investment property ( house ) in June 2108 to fix and remodel then It was sold in March 2019. Do I need to report the expenses in the 2018 tax return ?

No. You do not need to report the expenses. You will add the improvement costs to the basis to reduce your gain for the 2019 sale.

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