I purchased my rental property on 11/01/2010 for $97,000 and entered this information in the Asset Entry Worksheet on 02/10/2011 when I began depreciating the property 27.5 years. I sold the rental property on 06/10/2019 for $145,000. I had $23,000 in improvements and cost to purchase and sell the house were $7000. When filing my taxes this year do I change the Cost Basis in the Asset Entry worksheet to $127,000 so the correct amount of taxes are deducted?
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