spec home

cathe

Member

Join Date: Jan 2007

Posts: 71
#1

spec home

01-25-2007, 10:45 AM

My mind has gone down a vortex tube.... A spec home has been built, it is in inventory, realtor fees for land purchase, are they added to inventory basis or expensed out as current year business expense? Where do I find this? I have not asked the right questions at IRS.GOV.

Thanks,
Cathe
Tags: None
dsi

Senior Member

Join Date: Dec 2005

Posts: 705
#2

01-25-2007, 12:33 PM

IMHO, increase in basis.

Dave, EA
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Davc

Senior Member

Join Date: Dec 2006

Posts: 1088
#3

01-25-2007, 06:46 PM

Agree. Basis.
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BOB W

Senior Member

Join Date: Jun 2005

Posts: 4061
#4

01-25-2007, 06:53 PM

Agree. Basis

This post is for discussion purposes only and should be verified with other sources before actual use.

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Redneck

Senior Member

Join Date: Jun 2005

Posts: 184
#5

01-25-2007, 07:13 PM

This

might be helpful.

404 | Internal Revenue Service

http://www.irs.gov/businesses/small/industries/article/0,,id=97934,00.html

404
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