Besides, it just seems much easier to just lie about the total amount of improvements to reduce your basis. If you are really looking at a huge capital gain on the property, it’s highly plausible that considerable renovation work was done anyway. If you’ve got a buddy who is a contractor, have him write you up a bill for something every year and file it away. If the tax man asks, say you fell in love with the house even though you knew it was a money pit. Yeah, we had to replace the boiler 3 times, just have no luck with mechanicals. |