All of the following increase the basis of real property EXCEPT: Casualty restoration to bring the...

All of the following increase the basis of real property EXCEPT: Casualty restoration to bring the property to pre-casualty condition. Zoning costs to bring a property into compliance with government regulations. Assessments for local improvements, such as sewers and sidewalks, and the cost of extending utility service lines to the property. Repairs including interior and exterior repainting, fixing gutters, and patching leaks.

Solutions

Expert Solution

ans: Repairs including interior and exterior repainting, fixing gutters, and patching leaks.

Explanation:

Increase the basis of property by assessments for items such as paving roads and building ditches that increase the value of the property assessed. Do not deduct them as taxes. However, you can deduct as taxes charges for maintenance, repairs, or interest charges related to the improvements.

ekkarill92 answered 1 year ago

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