jsoles24
Level 3
10-13-2022
01:11 PM
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I am in the process of amending a clients 2020 tax return and I am stumped. Here are the facts:
1. Inherited the property jointly with a cousin on 2/20/2019
2. Bought cousin out in 2020 for a cost of $2,667
3. Gutted the house and renovated. Started renovations in 2019 and completed them in 2020 for a cost of $14,850
4. Made additional improvements in 2020 for a cost of $10,200
5. Land Value is $5,300
6. Offered for rent in 2020
How do I account for each of the items above on the 2020 tax return?
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IRonMaN
Level 15
10-13-2022
01:21 PM
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1.basis based on value on date of death for his share
2 basis
3 basis
4 basis
5 basis - but that should have been factored in at step 1
6 Offered or actually collected rent?
Slava Ukraini!
BobKamman
Level 15
10-13-2022
02:48 PM
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"Offered or actually collected rent?"
Wouldn't make a difference, to me.
