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Updated almost 10 years ago,
Long term expenses.
I am trying to figure out how my accountant has accounted for expenses associated to my non-rental long term homes.
Say at year end I have 5 homes n inventory and sold one house I had held for over 1 year
Furthermore, say the total expenses for the 6 homes was $10k. Is it common practice to adjust the cost basis for the sold home by the whole 10k. Is this now you capture expensive against non rented homes in inventory. How are they captured if no sale took place. By expenses I mean bad water insurance.ect.
Thanks.