In 2020 we remodeled a rental property. We had expenses of $13,999.00 that we depreciated .The depreciation for one year was 233.00 . When the remodel was just finished, in early 2021 we sold the house instead of renting it. Can we now claim the$13, 766.00 on our 2021 taxes? If so, How? Should we amend 2020 return?
It will be an asset that was sold in the same way the building is. Go through the asset section and answer all the questions the same way. You will have to allocate a portion of the purchase price to the remodel.
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