If you're intersted in more info. Look in IRS publication 527. Here's a snippet:
Additions or improvments. Add to the basis of your property the amount an addition or improvement actually cost you, including any amount you borrowed to make the addtion or improvement. This includes all direct costs, such as material and labor, but not your own labor. It also includes all expenses related to the addtion or improvement.
Good thought but unforunately you can't.
Your labor is contributed free of charge.
No but consult your accountant and attorney.
Easiest thread ever to answer.
No.
It's called sweat equity.
[addsig]
If you're intersted in more info. Look in IRS publication 527. Here's a snippet:
Additions or improvments. Add to the basis of your property the amount an addition or improvement actually cost you, including any amount you borrowed to make the addtion or improvement. This includes all direct costs, such as material and labor, but not your own labor. It also includes all expenses related to the addtion or improvement.
THANKS GUYS