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Old 01-21-2009, 11:53 PM
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Red face How to place a value on personal labor



How do I place a value on personal labor that my wife and I did on our 1993 cabin when calculating its basis ? [Capitol Gains calculation]

Gr8FulE ---- enod



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Old 01-22-2009, 02:07 AM
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Regretably, the IRS does not currently allow taxpayers to place a value on personal labor that was expanded on improving or repairing your cabin. Thus under the current tax law, taxpayers are preclued from including this amount as part of basis to reduce the amount of capital gains on the sale of the cabin!

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