Tax Question On Rehab Bought Last Year
Hello everyone,
Thanks for all the great information. I was hoping someone could help me understand what do (tax-wise) with this situation.
I bought a rehab property in November and have spent a good deal of money rehabbing it (both last year and this year). How do I write off my expenses for last year on a non-rental property that I have not sold yet? What is my cost basis? I hope this makes sense. Thank you for any advice or information.
btw I am in North Carolina! 
[addsig]
Add the rehab costs to your property cost basis. Now when you sell, your taxable profit will be that much lower.
Check the Rehab Reporting topic in this forum for more detail on dealing with your rehab costs on your Schedule C. [ Edited by DaveT on Date 03/17/2004 ]