Fixing-Up Expenses

外汇网2021-06-19 14:18:33 80

Any repair-related expenditures incurred during the process of pparing one's home for sale. This type of expense does not include major home improvements such the addition of a new room or swimming pool. Fixing-up expenses are not deducted outright, but are subtracted from the sale proceeds.

The Taxpayer Relief Act of 1997 has rendered the rules surrounding fixing-up expenses less important than they were pviously. Since homeowners can now exclude the first $250,000 of the gain from the sale of their homes, the reduction in sale price from these expenses is generally meaningless.

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