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Posted by Herb Smith on June 8, 2006, 2:22 pm
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Seth Breidbart wrote:
>> Yes, a new pool and kitchen remodel are excellent examples
>> of "improvements" for which the cost can be added to your
>> basis. But painting, tree trimming/removal, etc., are
>> _maintenance_ items -- not improvements.
> But if done immediately before selling (in order to sell
> faster/at a higher price), can they then be considered
> selling expenses?
"Fixing-up" expenses as a selling expense (usually done
within 90 days of sale) are not allowed on a personal
residence, and haven't been allowed for a number of years.
Such maintenance items are no more a deduction than they
would be if the home owner was not selling the house. For a
business or rental property the situation is different.
In Pub 523, "selling expenses" are defined as including:
- Commissions,
- Advertising fees,
- Legal fees, and
- Loan charges paid by the seller, such as loan placement
fees or "points."
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