what is deductible against capital gains?

[Ryan McBride]

I'm a real estate investor (first timer about to sell my first flip). I bought a condo back in May 2006 for $149k, rehab costs are approximately $25k, sales price $230k, RE Agent's commission 4.5%.

My question comes as to what I can deduct to reduce my capital gains tax exposure. I know that all repairs and improvements can be included in my cost basis, but what about expenses relating to the rehab.

for example, My partner and I were the ones doing the rehab. No contractors, no outside work being performed other than what Me and My partner did. Can we deduct meals to reduce capital gains exposure? I've kept receipts and a log of all meals we've taken and they're all during the lunch hour when we would order in and work while eating.

2nd part of the question is mileage. if i'm the owner of the property (my partner doesnt have his name on the deed or the mortgage) and we use his vehicle for going to and from the home supply store to pick up material and run errands, is his mileage deductible in some way?

Is there a list of what's considered acceptable to include in your cost basis and sales basis when trying to figure your capital gains tax?

Additionally, can someone please explain to me or point me to a table that shows how the tax is affected if you hold a property for less than 12 months vs more than 12 months what your capital gains tax should be?