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Fixing Up Expenses

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    Fixing Up Expenses

    Last yea rI researched how to handle say painting a primary residence just before selling it. My conclusion is you ignore it. It is not a capital improvement, nor is it allowed as a selling expense. Now the question has come up when someone fixes up (paints, repairs) a house truely held for investment do you treat these as an expense of sale or a Schedule A deduction subject to 2%?

    #2
    You add it to the basis, thereby reducing your profit.
    Everybody should pay his income tax with a smile. I tried it, but they wanted cash

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      #3
      painting

      I agree with Brian.
      ken

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        #4
        Fix up

        expenses for sale are deductable as basis.

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