Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-03-2017, 05:10 PM
Junior Member
 
Join Date: Mar 2017
Posts: 4
Sale of flip home

Taxpayer purchased a home in Feb and sold in July of the same year. From Feb to May taxpayer spent 15K fixing up the home. These expenses would normally be expensed and not capitalized as improvement or a betterment. My question is - since this is not a business can the fixing up expenses be added to basis. Also, at closing of the sale of the property, taxpayer was required to pay property tax in addition to normal closing costs. Can the property tax be used to reduce the sales price and if not I assume that he could deduct on schedule A since this was not a second home. One more thing, if sold at a loss can the loss be taken or would this be considered personal property and only a gain would be reported. I was thinking this could be considered investment property and the sale reported on schedule D and the loss would be allowed.

Thank you
Gabe



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
taxes owed on a house "flip" bd1703 Estimated Taxes 1 03-22-2017 01:15 AM
Sale of Home in Austria - where to pay tax on sale Hallatlan Capital Gains 1 02-10-2015 08:37 PM
sale of former home srvaughan11 Capital Gains 1 01-24-2014 02:37 AM
Sale of second home nona Rental Real-Estate 2 03-03-2013 11:25 AM
Capital asset sale or Second Home Sale? Or Gift??? dawnjellybean Income 0 02-04-2009 07:22 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning