The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Tax Basis on New Home Date:  8/14/2001  9:40 AM
Author:  Renegadecj Number:  53323 of 127753

My wife & I are building a new home. Since I am doing much of the work myself, how do I figure tax basis for future sale. Do I just need to track each and every expense (down to the nails), and the IRS will accept that? What about things such as chains for chainsaws, gas driving to and from the site during construction? I know an independent contractor could deduct these things.

Any help would be appreciated!
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us