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Deductions & credits
Thank you. I follow the ratio explanation. If I did the math correct, this has resulted in a net loss for both the roof and the land, which lowers my overall tax bill. There is a net gain on the house (which I can exclude from capital gains since I lived in the house for 2 of the past 5 years). I'm all for the lower tax bill, but is it acceptable to have a loss on one asset and a gain on another asset?
March 1, 2022
6:14 PM