What is the name of your state? Oklahoma
I sold my main home in Nov. 2006. I rented it for the last year and 8 months. When my renters moved out it needed substantial foundation repairs which I made. All the while having a "For Rent" sign out front and taking calls from potential renters. After having no success with the applicants I decided to sell.
My question is does the foundation repair get reported as a repair expense on the rental side or should it be considered a basis adjustment on the Sale of Home side.
Thanks so much for any assistance.