Message Font: Serif | Sans-Serif
No. of Recommendations: 0

Yes, our gain is over $500,000.

The IRS documents I've seen that relate specifically to the $500,000 exclusion do not say anything about fixing up expenses (the earlier rules do). That's why I asked the question.

Regarding the REfinancing costs associated with remodeling/additions, the IRS does not say anything about them, only referring to closing costs of initial purchase or sale. Is it common practice that the IRS does allow basis addition of refinance costs if associated with remodels?

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.