2596649
I am in the process of rehabbing a house that I plan to resell. I am not sure which items I can include in the cost of improvements, which will affect the cost basis. There are a lot of items that I am using that improve the value of the house, but don't necessarily stay with the house. Can I include items such as saw blades, disposable gloves, disposable ear plugs, trash bags, disposal fees, rental porta-potty, rental dump trailer, rental tools, drill bits, temporary electrical power? I am inclined to think these items would be included, bcause if I hired someone to make the improvements, they would pass on those expenses to me.
You'll need to sign in or create an account to connect with an expert.
To clarify, was this house a rental or just an investment property?
This is an investment property. I have an LLC and am working rather slowly on rehab properties. I deducted business expenses such as professional fees, insurance, tools, and mileage, etc.
This is an investment property. I have an LLC and am working rather slowly on rehab properties. I deducted business expenses such as professional fees, insurance, tools, and mileage, etc.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Jeff-W
New Member
mjlresources
New Member
CourtneyDee
New Member
stixoffire2
Level 3
terimac4
Level 4