My client held a rental for half of the year and then had to relinquish it to their ex wife. I have reported the rental as sold with no gain or loss on disposition to remove the rental property. My question is a restoration that was done in 2018 before the property was relinquished. It was a $6,000 expense. Can I report it as sold with the $6,000 loss? What is the best way to handle this?
I'd have to look up the finer points of the safe harbor, but could you elect to expense it under the safe harbor for small taxpayers?
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