I have a question regarding taxes when selling property. On the California form there is a line 10 593-e stating costs of additions and improvements. We put $22,204 for that. Since we sold the property the same year as the improvement do we as the seller deduct the whole amount off our tax return or only a portion of it since that improvement needs to be depreciated over a period of time.
Before we sold the property the month before we change the floor and remodeled the property. Just wondering if we get to deduct that off our tax return for that year completely or just a very small amount for deprecation