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    mooney143's Avatar
    mooney143 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 11, 2008, 06:11 PM
    Rental Property/ Capitol Gains
    Hello!
    We purchased an investment property in 2007. We collected rent on the home while repairing and upgrading the home. We are planning to write off many of the repairs on our 2007 taxes. If we were to sell the home in 2008, can we still write off the upgrades we made in 2007 towards the capitol gains taxes that we will owe?
    Thanks for any info you may have!
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Feb 11, 2008, 09:07 PM
    1. Repairs are deductible
    2. Improvements are capital expenses. All the capital expenses increase the basis of your home.
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