- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Home&Business. 1st yr. using 30% of home for bus. TT says use lesser of fair market value or original basis (do improvements increase basis?)
Orig. purchase $111,000 1991. Capital Improvements of $200,000 as of 12/31/15. Current market value $359,000. is basis $111,000 or $311,000?
Topics:
June 1, 2019
3:06 AM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
The basis is $311,000 - the original purchase price plus the cost of the improvements.
June 1, 2019
3:06 AM