We bought a house specifically to renovate and resale without living in or renting it. We did the work on the home ourselves. Can our labor be deducted in the cost basis?

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We bought a house specifically to renovate and resale without living in or renting it. We did the work on the home ourselves. Can our labor be deducted in the cost basis?

No. Unfortunately, you can't include the value of your own labor in calculating the cost basis.

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