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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29558
Experience:  Taxes, Immigration, Labor Relations
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I sold an investment property in 2015. Although I had net

Customer Question

I sold an investment property in 2015. Although I had net proceeds from sale, it does not cover the substantial entitlement costs that I incurred trying to redevelop this property. How do I write off those expenses?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
trying to redevelop this property - I assume these are improvement expenses? If so - they are added to the basis.Thus when you sell the property - your gain will be calculated a (selling price) MINUS (adjusted basis)
Expert:  Lev replied 1 year ago.
I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.