The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Selling Expenses||Date: 4/12/2013 1:37 PM|
|Author: foo1bar||Number: 118385 of 125707|
I don't believe that miscellaneous repairs that are routine maintenance are deductible (replacing a failed outlet, damaged clips on a set of blinds, and other routine repairs.)
Those probably are something you can use to increase the cost basis of the property (and reduce capital gains on the sale if you have any)
Is this a personal residence you're selling?
Are you going to get the $250K cap gains exclusion anyhow?
If so, will you exceed that $250K? (500K if married?)
If all your gains are covered by the $250K exclusion already, then keeping track of these little expenses doesn't help any for taxes.
|Copyright 1996-2017 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|