Discussion Archives:Buy, Fix,& Sell Houses Deduction Question

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

Jump to: navigation, search

Discussion Forum Index --> Advanced Tax Questions --> Buy, Fix,& Sell Houses Deduction Question

Discussion Forum Index --> Tax Questions --> Buy, Fix,& Sell Houses Deduction Question

Dmacsac (talk|edits) said:

8 March 2011

I'm preparing an S-corporation return for a company that buys, fixes up, and then sells real estate.

In 2010, the company purchased a home, fixed it up, and placed it on the market.

I need help understanding which expenses they could deduct currently and which expenses would be capitalized I understand that $ spent to buy and fix up property are not currently deductible. But what about the following expenses:

-Phone Services -Power Utility Services -Property Insurance -Property Taxes -Landscaping Service

Thanks for your help. Best,David

Ernest Money (talk|edits) said:

8 March 2011
david i found all that info ez when i serched 'flip' or 'flipping' in yello box

Kevinh5 (talk|edits) said:

8 March 2011
LOL, thanks for using the yellow box to search, Ernest. Everyone should be as intelligent as you!

Dmacsac (talk|edits) said:

9 March 2011
Thanks Ernest.
Personal tools