Start with your cost basis (you can get this from your depreciation schedule it is cost minus depreciation) and you can then add the settlement costs on purchase, brokers commissions, improvements and closing costs on the sale to the basis. If improvements or repairs are needed prior to sale make sure you either add to basis or deduct as repairs on the Schedule E.
This link will bring you to another post that can help you determine whether an item is a repair or an asset. Repair or Asset
Your expenses for the time rented are taken on Schedule E for the year you paid them. Make sure items such as insurance, real estate taxes, rent, security deposits, and other prorations on the closing statement are added to the Schedule E in the appropriate category. The expenses when it was not available to rent are not deductible. This is a personal expense. ( mowing) $360. Insurance $502 (2/16 - 7/23), HOA $310 (2/16-7/23), Utilities $411 (2/16-7/23).
Vacant while listed for sale. If you sell property you held for rental purposes, you can deduct the ordinary and necessary expenses for managing, conserving, or maintaining the property until it is sold. If the property is not held out and available for rent while listed for sale, the expenses are not deductible rental expenses.
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