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Author: meyertnl Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: writing off improvements Date: 1/1/2002 5:26 PM
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I sold my house this summer after making some improvements (deck, new lawn, shed, etc) can I write these expenses off and if so, how?
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Author: acm4tax Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 56575 of 121219
Subject: Re: writing off improvements Date: 1/1/2002 5:33 PM
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If this was your personal residence and you did not realize a gain of $250k, $500k if MFJ, you do not have to even report the sale unless you had used part of your home for business and could have taken depreciation.

So, was this your principal residence?

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Author: acm4tax Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 56576 of 121219
Subject: Re: writing off improvements Date: 1/1/2002 5:34 PM
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I forgot to add that you had to have owned and occupied the house for at least 2 of the last 5 years to have the exclusion of $250K/$500K.


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Author: sipote1 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 56599 of 121219
Subject: Re: writing off improvements Date: 1/1/2002 10:02 PM
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Per the IRS, "an improvement materially adds to the value of your home, considerably prolongs its useful life, or adapts it to new uses. You must add the cost of any improvements to the basis of your home. You cannot deduct these costs." PUB 530

hope it helps!

JF


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Author: meyertnl Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 56859 of 121219
Subject: Re: writing off improvements Date: 1/7/2002 2:23 PM
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yes this was my personal residence for that time period. I don't have to report the sale? How do I address the gain I made on the house and can I deduct the costs of improvements to offset the gain? I appreciate your input!

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