Capital Gains Taxed?

[Daniel Kidd]

Quick question for anyone who is tax savvy out there. If you use a repair allowance from a purchase to repair your property and you sell that property not using a 1031 and it was not your primary residence for at least 2 of the last 5 years then would that repair allowance that was put into rehab count against the portion of the profit that would be taxed or not? Also does it matter how it is worded on the HUD, and would it matter, particular to this individual question, if you held the property for a year or not?