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Updated almost 10 years ago,
Expenses vs. cost basis in renovation
I read somewhere that when you are remodeling a house to rent that some of the repairs actually can be written off in the year in which the remodel takes places and that it all doesn't have to be included in the cost basis. I'm near completion of a remodel and if this is true would really help me at tax time and if this is true what determines what can be written off as repairs and what must be added to the cost basis?