Tax Deductions on Renovations

From: DBONWEB@aol.com
Subject: Tax Deductions on Renovations
Date: Tue, 26 Jan 1999 20:04:32 EST

Next Article (by Subject): Re: taxe deduction for renovations Rich Carreiro
Previous Article (by Subject): SPDRs Douglas Gerlach
Articles sorted by: [Date] [Author] [Subject]

In a message dated 1/26/99 4:55:02 PM Central Standard Time, owner-persfin-
digest@lists.xmission.com writes:

<< Date: 25 Jan 1999 09:42:12 -0700
 From: David Bryan <dbryan@MAIL.JUS.STATE.NC.US>
 Subject: taxe deduction for renovations
 
 I live in NC and would like to hear from anyone who is knowledgable on
 the following situation. Is money spent for home renovations [$65K] tax
 deductible? >>

David, I'm not a CPA, but I can tell you that it is NOT "deductible".  All the
expense does is increase your "basis" in the house so when you sell it, you
would normally have less capital gain, however those rules have changed and
there is NO capital gains tax on a "residence" provided you lived in the home
for 3 of the last 5 years.

Hope that helps.  David Bolick, CPM



- -

Next Article (by Subject): Re: taxe deduction for renovations Rich Carreiro
Previous Article (by Subject): SPDRs Douglas Gerlach
Articles sorted by: [Date] [Author] [Subject]

Go to Jeff Salisbury LWGate Home Page.