+ Reply to Thread
Results 1 to 3 of 3
  1. #1
    pketner is offline Junior Member
    Join Date
    Feb 2007
    Posts
    2

    Foundation Repair - Repair or Improvement?

    What is the name of your state? Oklahoma

    I sold my main home in Nov. 2006. I rented it for the last year and 8 months. When my renters moved out it needed substantial foundation repairs which I made. All the while having a "For Rent" sign out front and taking calls from potential renters. After having no success with the applicants I decided to sell.

    My question is does the foundation repair get reported as a repair expense on the rental side or should it be considered a basis adjustment on the Sale of Home side.

    Thanks so much for any assistance.
  2. #2
    LdiJ is offline Senior Member
    Join Date
    May 2004
    Posts
    66,340
    Quote Originally Posted by pketner View Post
    What is the name of your state? Oklahoma

    I sold my main home in Nov. 2006. I rented it for the last year and 8 months. When my renters moved out it needed substantial foundation repairs which I made. All the while having a "For Rent" sign out front and taking calls from potential renters. After having no success with the applicants I decided to sell.

    My question is does the foundation repair get reported as a repair expense on the rental side or should it be considered a basis adjustment on the Sale of Home side.

    Thanks so much for any assistance.
    I would consider it a basis adjustment. Foundation repairs, even in a rental situation would generally add to basis and be depreciated rather than being considered "repairs".
  3. #3
    pketner is offline Junior Member
    Join Date
    Feb 2007
    Posts
    2
    Thank you so much.

Similar Threads

  1. RE: Dura Pile Foundation Repair.
    By LeroyCano in forum Consumer Contracts, Guarantees and Warranties
    Replies: 1
    Last Post: 11-23-2010, 01:57 PM
  2. Foundation repair warranty
    By txerica in forum Consumer Contracts, Guarantees and Warranties
    Replies: 1
    Last Post: 09-02-2005, 03:23 PM
  3. Foundation Damaged by Repair Co
    By HaynesKS in forum Construction & Renovation
    Replies: 1
    Last Post: 08-13-2004, 01:56 PM
  4. Repair or Capital Improvement
    By NoJustice in forum Tax Law
    Replies: 3
    Last Post: 01-18-2002, 01:28 AM
  5. foundation repair
    By dj1991 in forum Civil Litigation
    Replies: 0
    Last Post: 12-01-2001, 10:44 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

© 1995-2012 Advice Company, All Rights Reserved

FreeAdvice® has been providing millions of consumers with outstanding advice, free, since 1995. While not a substitute for personal advice from a licensed professional, it is available AS IS, subject to our Disclaimer and Terms & Conditions Of Use.