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I bought a foreclosed house in Oct of 2012,what do I do to

get credits show the loss The...
I bought a foreclosed house in Oct of 2012,what do I do to get credits show the loss
The house is still being remodeled
the house has roof problems so there is no morgage
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Answered in 1 minute by:
3/2/2013
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,872
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Robin D :

Hello and thank you for using Just Answer,
Your expenses would be applied to the property but I need to know what you will be using the property for so I can answer in the correct context.

Robin D :

If you are going to be using the property for rental, you will add all the remodeling expenses to your cost. This will be your basis when you begin to depreciate the property.

Robin D :

If you bought the property for an investment to resale, then you add the expenses to your cost and this will lessen your gain on sale.

Robin D :

If you bought the property to use as a main or second home, you will again (like investment use) add the costs for the expenses to the cost. This will increase your basis and allow for a better tax situation should you sale.

Robin D :

Let me know after you read the above

Robin D :

what you mean by what do I do to get credits show the loss.

Robin D :

The system said you were typing

Robin D :

Did you want to add something?

Customer:

I plan move in when the house is finished

Robin D :

Thanks for responding. You will add all the costs you have to the cost. The expenses will increase your cost (basis)

Robin D :

What did you mean by what do I do to get credits show the loss.

Robin D :

Are you still with me? The system says you are but.........

Robin D :

Would it help you if I changed to regular Q&A

Robin D :

You asked about "showing a loss". You do not have a loss until you actually sale a property. Any loss or gain would be the difference in cost (basis) and the sale amount. Any loss you may have would not been realized until you sale. If your use the property is personal , you are not allowed to count any loss. If you have a gain and the property is your main home for 2 out of the last 5 years before the sale, you are allowed to exclude up to $250,000 of gain if single and $500,000 if married filing joint.

Robin D :

If I do not hear back from you I am going to change to Regular Q&A

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,872
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
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Category: Tax
Satisfied Customers: 15,872
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