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February 14, 2024
Question

Rental sale and improvement

  • February 14, 2024
  • 1 reply
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Question: owned a rental for 10 years. In 2023 we rented it for 5 months and then did $15000 in improvements(carpet, doors granite, painting).  We are selling now in 2024.  How do we uses these expenses to help reduce the capital gains? Or do we need to deduct these from our 2023 taxes. 

    1 reply

    February 14, 2024

    These are improvements to your property. They aren't rental expenses and should be added to the cost basis of the property.

     

     

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