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Deductions

kfran1234 profile photo
  • Tuesday, November 30, 2004 @ 12:13 AM EST
  • 1 Comments
I have a rehab on the market at this time. If I don't sell by the end of the year, what happens to my deductions? Do I have to claim them as a loss since the house hasn't sold or will they carry over until I sell the house?
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  • NewKidinTown2
    NewKidinTown229th November, 2004
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    Your rehab cost is an adjustment to the basis -- not an expense. You recover your cost when you sell.

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