Posted on: 26th Sep, 2010 06:21 pm
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.
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.
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.