TaxAudit Blog

Tag: Basis

Unpaid Invoices File Folder

You can deduct an unpaid invoice as a business expense if all the following are true: (1) You have already included the amount of the invoice as income…

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House being remodeled

My wife will be inheriting her father's home. We intend to sell our home and invest the proceeds to remodel this inherited property. What is the tax process?

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Inheritance Tax

Whether you will be taxed on the money received from a trust will depend on the type of trust and the instructions laid out, the assets titled, and more.

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New Roof Being Installed

Replacing an entire roof will increase the cost basis of the home. However, any costs paid or reimbursed by an insurance are not added to the home's basis.

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Wooden House next to Money Bag

In general, only mortgage interest and property taxes are deductible in the transaction year, while some expenses and fees can be added to the cost basis.

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New Roof Being Installed

Costs for home improvements, such as a new roof, add to the cost basis of your property and will reduce your taxable gain when you sell your home.

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Yellow house with white fence

Before signing on the dotted line, it’s important to understand the potential tax, liability, and equity issues of transferring your house deed to your child.

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Roof on brick house

I spent 30K on a new roof last winter after my old one collapsed under 100 inches of snow. Where do I report the cost of the roof on my taxes?

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glasses and pen laying on top of tax form

I retired from my main source of employment due to some health issues, but I am not ready for Social Security and I am not yet retirement age at 57.

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