[Fredslist] F.Y.I. Re: Storm Damages

[Larry Dresner]

Tribe members:

 

Any building repair expenses that you've incurred, that are not reimbursed -
keep the record of these expenses with your mortgage/home ownership
paperwork.  They will add to the cost basis of your home, and reduce your
capital gain when you sell.  Also, the IRS provides one exception to the
rule allowing for a tax deduction rather than an increase in tax basis.  If
a sudden and infrequent event such as a tropical storm or hurricane causes
sufficient damage to your home, you can deduct the cost of repair.  Speak to
your accountant about this.

 

Larry

 

Laurence Dresner, ChFC

www.DresnerFinancialPlanning.com

(888) 200-9670

 

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