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Updated over 2 years ago on . Most recent reply

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Ella Depew
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Claiming capital improvement done by property owner?

Ella Depew
Posted

Does anyone have suggestions on claiming rehab work done by property owners themselves as capital improvement expense? We are remodeling  the kitchen/ bathroom/roof of  a property purchased ourselves, but are not sure how to write it up as a capital improvement since there are no bills from the contractor . 

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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

@Ella Depew you have to use the receipts for the materials you bought along with any costs you paid for contractors and subs for labor.  You can’t add anything for your own….the total will be “actual costs”.

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