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Deductibility of Seller Concession for Repairs on Partial Rental Sale
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Rick
16 sept 2016, 2:17:31 p.m.16/9/16
para
Person sells a house that had been used as a partial rental. That is, he
lived in the home but rented out the upstairs portion (approximately 40% of
the house living space) to two tenants. He always reported rental income
and included a prorated portion (40%) of general house repairs as rental
expenses.
The buyer's inspector identified some repairs and the buyer agreed to
provide a seller's concession credit in the closing for the cost of these
repairs. Can he deduct 40% of these repairs as rental expenses as he always
did in the past? Does it matter that the last renters moved out a few weeks
before the close date?
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lived in the home but rented out the upstairs portion (approximately 40% of
the house living space) to two tenants. He always reported rental income
and included a prorated portion (40%) of general house repairs as rental
expenses.
The buyer's inspector identified some repairs and the buyer agreed to
provide a seller's concession credit in the closing for the cost of these
repairs. Can he deduct 40% of these repairs as rental expenses as he always
did in the past? Does it matter that the last renters moved out a few weeks
before the close date?
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>
Rick
16 sept 2016, 2:17:31 p.m.16/9/16
para
Correction - in previous post, it should state that SELLER agreed to provide
a seller's concession credit
ira smilovitz
17 sept 2016, 7:32:52 a.m.17/9/16
para
On Friday, September 16, 2016 at 2:17:31 PM UTC-4, Rick wrote:
> Correction - in previous post, it should state that SELLER agreed to provide
> a seller's concession credit
>
> --
No. A seller's concession credit is a reduction in sales price. This adjusts the gain/loss on the sale. It isn't an expense.
> Correction - in previous post, it should state that SELLER agreed to provide
> a seller's concession credit
>
> --
Ira Smilovitz, EA
lotax
17 sept 2016, 10:34:23 a.m.17/9/16
para
Rick: Was there depreciation "allowed or allowable" during the rental period?
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