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betterlater
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| Joined: | Thu Feb 15th, 2007 |
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Posted: Sun Feb 18th, 2007 01:48 am |
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| If I'm reading your question correctly... It VERY much depends on if you have alot of personal income tax you wish to reduce. However, If you're planning on selling next year, and you expect significant appreciation of the property (capital gains consequence), I'd suggest you make sure everything that needed capitalized to the basis gets capitalized to the basis.
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vic
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| Joined: | Sun Mar 26th, 2006 |
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Posted: Wed Feb 7th, 2007 11:42 am |
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This is not a straightforward question. The answer depends on many other factors and your personal situation. It is good to hire a CPA or other type of tax professional for a consultation. Although I do my taxes myself, I have hired CPA's before for 1-2 hours for a question-answer session
Vicky
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Guvnah
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| Joined: | Mon Feb 5th, 2007 |
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Posted: Mon Feb 5th, 2007 05:31 pm |
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Before I get into all the details, which is the best forum for me to ask some questions about 1040 tax treatment of real estate losses and strategy planning on my 2006 filing for an expected sale of the property in 2007. (I can see different ways to declare things this year that would have different impacts if I sell in 2007.)
Thanks.
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