Keeping track of vacation property cost

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When selling a vacation home, the gain on that property may be taxable in the future. It is important to keep track of the cost to acquire the property; the higher the documented cost, the lower the gain when the property is sold. It is also important to keep track of capital costs to the property, as they further increase the cost of the property. A capital cost is for a lasting improvement to the original condition of the property,
for example, replacing carpets with hardwood floors.

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Nafees Chaudhry

Nafees Chaudhry

Nafees Chaudhry is the founder of CNC. Providing accounting, tax, and consulting services to small businesses and individuals for 23+ years.

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