topic Capital gain on sale of secondary residence . a month before the sale of secondary residence, I had the house repainted. can I deduct such expense from the capital gain? in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/capital-gain-on-sale-of-secondary-residence-a-month-before-the-sale-of-secondary-residence-i-had-the/01/384675#M48434 Tue, 04 Jun 2019 18:51:24 GMT tessie2701 2019-06-04T18:51:24Z Capital gain on sale of secondary residence . a month before the sale of secondary residence, I had the house repainted. can I deduct such expense from the capital gain? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/capital-gain-on-sale-of-secondary-residence-a-month-before-the-sale-of-secondary-residence-i-had-the/01/384675#M48434 Tue, 04 Jun 2019 18:51:24 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/capital-gain-on-sale-of-secondary-residence-a-month-before-the-sale-of-secondary-residence-i-had-the/01/384675#M48434 tessie2701 2019-06-04T18:51:24Z Repairs such as painting are not deducted from capital ga... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/repairs-such-as-painting-are-not-deducted-from-capital-ga/01/384677#M48435 <P>Repairs such as painting are not deducted from capital gains per se.</P><P> <SPAN>The first thing to note is that expenses for making a house ready to sell can be listed as selling expenses when you are trying to determine if you have a profit and, if you do, how much. &nbsp;But it is important to note the distinction between improvements on the one hand, and repairs and maintenance on the other.. &nbsp;Improvements are more or less permanent changes to the house. These get added to your basis. &nbsp;New tile would generally fall into that category. &nbsp;But painting and general repairs are more likely to fall under "repairs and maintenance." &nbsp;If you get the house sold within a reasonable period of time (what is considered reasonable will depend on a variety of factors), although they end up in a different category than do improvements. <I>You put them under costs of sale.</I> &nbsp;There is a special section in TurboTax where you get asked question about - and enter answers to those questions - on this topic</SPAN> <BR /> </P> Tue, 04 Jun 2019 18:51:26 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/repairs-such-as-painting-are-not-deducted-from-capital-ga/01/384677#M48435 Coleen3 2019-06-04T18:51:26Z
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topic Capital gain on sale of secondary residence . a month before the sale of secondary residence, I had the house repainted. can I deduct such expense from the capital gain? in Deductions & credits
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Capital gain on sale of secondary residence . a month before the sale of secondary residence, I had the house repainted. can I deduct such expense from the capital gain?
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/capital-gain-on-sale-of-secondary-residence-a-month-before-the-sale-of-secondary-residence-i-had-the/01/384675#M48434
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Repairs such as painting are not deducted from capital ga...
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<P>Repairs such as painting are not deducted from capital gains per se.</P><P> <SPAN>The first thing to note is that expenses for making a house ready to sell can be listed as selling expenses when you are trying to determine if you have a profit and, if you do, how much. &nbsp;But it is important to note the distinction between improvements on the one hand, and repairs and maintenance on the other.. &nbsp;Improvements are more or less permanent changes to the house. These get added to your basis. &nbsp;New tile would generally fall into that category. &nbsp;But painting and general repairs are more likely to fall under "repairs and maintenance." &nbsp;If you get the house sold within a reasonable period of time (what is considered reasonable will depend on a variety of factors), although they end up in a different category than do improvements. <I>You put them under costs of sale.</I> &nbsp;There is a special section in TurboTax where you get asked question about - and enter answers to those questions - on this topic</SPAN> <BR /> </P>
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