Thank you for your quick response!
I went to the "sale of business property" section and found several options.
Two options seem relevant:
(a) Sales of business or rental property that you haven't already reported
(b) Sales of real estate, cars, or anything else for which you receive payments over two or more tax years (installment sales)
The first one looks more relevant and the second one is not so clear. Which one should I select?
Re: adding the expense to the basis, do I reflect this cost by reducing the "total sales price" by the renovation cost?
