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On depreciation, be sure to depreciate the personal property and land improvements you install over shorter time frames than the rest of the house, as you allowed to do. This will enhance your after tax ROI and keep more cash in your pocket. 5 year personal property includes window A/C, appliances, carpet/pad and any floating flooring (not glued), window treatments, awnings, etc. Land Nike Air Max 2016 Models
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You may have gotten good advice. You don tell us what you asked. I am guessing that you asked about tax return stuff, after the fact. After the fact is too late to be consulting a CPA about what you should do. All the CPA can do for you "after the fact" is help you with your (uncomplicated) tax return.
Jon PitcherOriginally posted by Justin Silverio:As Jon indicated, you can include certain purchase costs into the basis. Here a link to the IRS that discusses real estate basisFrom their publication, it sounds like you can only add capital improvements to the basis, not things like replacing broken doorknobs, AC handlers, or redoing the floor, etc.
improvements (15 year) include driveways, sidewalks, fencing, and landscaping. Just make sure your contractor bills break these pieces out to substantiate the cost. I wanted to know if she also considered vanities, sinks, faucets, and countertops to all be 5 yr property as well. Steven, what say you on that?
Edited Feb 10 2012, 17:56 by David Beard
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He advised me to do it myself. He said that if I used him I would end up paying more to him then he could save me in write offs.
Is there a reason why you not letting your accountant/CPA/tax guy do your taxes for you? My guy is that, if you unclear on some of these basic rules, you probably not be overly aggressive in your tax savings a good tax guy will save you more than he costs you.
Originally posted by Bienes Raices:Perhaps its best to just use the purchase price as the basis and claim the other items as repairs, (except in the case of items that must be depreciated).
Originally posted by Bienes Raices:Thanks David. I did go to a CPA several weeks ago for advice on various issues and he advised me to do this myself on Turbotax, because my situation isn that complicated.
by J Scott:Originally posted by Bienes Raices:Perhaps its best to just use the purchase price as the basis and claim the other items as repairs, (except in the case of items that must be depreciated).
I have been told variously that you must use the sale price, or that you can use the sales price + the repair costs you put into it, or that you can use a comp which represents the real market value (after repairs). I wondering what other people here do and what the proper way to handle this Nike Air Max 2016 Blackout is. Thanks.
Any items that you can deduct in the current year as expenses do not increase your basis. Depreciation reduces your basis (even if you don claim it on your taxes).
Your basis is the Air Max 2017 Black Blue
Determining basis of REO property rental
If you bought an REO property (to be used as a rental) that needed substantial repairs and the market value is higher than what you paid for it, how do you determine the basis for federal taxes?
Is there a reason why you not letting your accountant/CPA/tax guy do your taxes for you? My guy is that, if you unclear on some of these basic rules, you probably not be overly aggressive in your tax savings a good tax guy will save you more than he costs you. There are lots of CPAs and tax pros that really don know alot about the nuances of real estate investing, so don just place yourself in their hands without first educating yourself.
I haven really had to do any capital improvements so far. Perhaps its best to just use the purchase price as the basis and claim the other items as repairs, (except in the case of items that must be depreciated).
purchase price, including acquisition costs (except any that may be deductible as expenses in the current year) plus the amount you spend on the property to put it into rent ready condition. Also, capital expenditures made after the property is put into service increase your basis.
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