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Nesgroup address: misc.invest.real-estate - Date & Time for the message: Mon, 14 Mar 2005 20:57:37 -0500
/ Author of the message: dc |
Title of the message: |
How to Handle Tax Filing for Renovation Investment?
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Text of the message: |
Hi all! There are a lot of interesting topics in here and certainly a number of knowledgeable folks....the group is a good read! Anyway, I will be consulting with a CPA/accountant/etc., but I thought I'd see if I could get an idea of what I'm looking at by posing my question here, first. I purchased a house last year for the purpose of renovating and reselling. I will have owned it a year, come June. I have been filing as an individual and don't plan to do anything fancy (e.g., LLC) for tax purposes when I sell the house. From what I've read and what I've been told via the IRS, mortgage interest and taxes for the house fall under Schedule A and any appreciation balanced by costs to acquire and improve (capital improvement) fall under Schedule D. Is that it? Or is there another way I can report gains and expenses for a house renovation? Someone suggested that maybe using Schedule C would allow |
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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.