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Dear JAFO, et al:

Thanks for your comments. I have carefully made a distinction when categorizing the various expenses between capitalizable expenses, like adding a new fence, and pure fix-up expenses, like painting the house interior in the 90 day period before close of escrow. I was just concerned that I did not see fix-up expenses referred to in the IRS publications when the $500,000 exclusion is used. From what everyone is saying, it appears that fix-up expenses (i.e., repairs done within the 90 days before closing escrow) are considered a selling expense and adjust the selling price downward.
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