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Old 01-27-2010, 11:37 AM
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deducting renovation expenses

If a commercial building was being renovated for three years, placed in service, then sold eighteen months after being placed in service and renovations contiued while the building was in service, can all of the renovation expenses be deducted in the year that the building was sold ?
If not, how do you maximize the renovation expense to offset the profit from the sale ?



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