User talk:Blubby
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Welcome
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- Tim Doyle, TaxAlmanac Moderator, Tdoyle 11:50, 3 January 2006 (CST)
your comments on an old discussion
I hope you don't mind me contacting you directly, but I was reading an old discussion, and I've gotten my hand slapped for rejuvenating old discussions before. The discussion: www.taxalmanac.org/index.php/Discussion:Repairs_on_Investment_Property You and Riley2 and Taxref had a very informative thread going, but there were a couple of references that I wish it would have said more about. Your comment: To the contrary, it appears to me that Carey must make an election to capitalize on the 2005 return or take the expenses as an itemized deduction in 2005, or the benefit will be lost. I am interested in learning more about how to make this election. I have a client who started an LLC to fix up houses and resell them. Hence, this is a business, and there is no question of Schedule C vs D. However, since he purchased the house in 2006 and has not sold it yet, I would like to capitalize everything I possibly can. From reading the above thread, it seems to confirm that I can capitalize repairs as well as improvements. Your comment seems to indicate that I can make an election the 2006 return to also capitalize mortgage interest and property taxes. If I am reading this correctly, could you tell me more about how to make such an election.
Thanks in advance, and if this post was too intrusive of me, I apologize.
