Compare Mortgage Quotes

melbay1 · Joined: 05 Dec 2009 Posts: 5 2.65 Dollars($)

I inherited promissory notes from my father, and had to foreclose on one of them recently. The house I took back was in bad shape, and we've had to spend quite a bit to make it inhabitable again. We plan to re-sell it. Can I deduct what we spent on repairs and updates? Again, I am going to sell & owner finance, not rent it out.

adonis · Posted: Sun Sep 26, 2010 9:02 pm Post subject:

Welcome melbay,

As far as I can understand your situation, you'll be able to deduct the amount that you've spent on repairs and updates. If the property is free and clear, then you will be able to owner finance it and sell it off.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

Deducting improvements

Financial Tools

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1