Client purchased a former church parsonage which he is turning into rental property. Due to the fact it was owned by a church, the sale had to be approved by the NY state attorney general's office before being finalized. This took the better part of a year. While waiting, client started renovating in 2018. Sale was finalized in July 2019. Does money spent on renovations before sale was final get added to his basis?
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Add work done on rental before sale was finalized to basis of property?
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