Re: Investment Property
- From: "Steve Foley" <steve.foley@xxxxxxxxxxxxx>
- Date: Fri, 06 Apr 2007 02:42:39 GMT
"Shyster1040" <Shyster1040@xxxxxxxxxxxxxxxxx> wrote in message
news:fc3939e90831362f49028dbc866d87e7@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Building materials get capitalized into your basis;
Tool costs, to the extent used to perform work that must be capitalized,
as opposed to ordinary maintenance and repair, also get capitalized into
basis;
labor costs, to the extent they performed work that must be capitalized,
as opposed to ordinary maintenance or repairs, also get capitalized into
basis;
taxes - too broad to easily characterize; however, items like sales taxes
imposed on tool or labor purchases are part of the cost and get
capitalized to the extent the underlying cost gets capitalized;
HOA dues/fees - deducted, not capitalized.
Thanks.
The taxes are real estate taxes.
Do I do a Schedule E to deduce HOA fees, or can I do that on a schedule A?
.
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