I don’t really understand how the whole process works with write-off’s and depreciation?
Here is my question?
With and investment property, if I do a lot of fix-up on the property (say $10,000) and sell it will I be able to use the reciepts for some kind-of a write off when I sell it??
Just about anything that you do to a property to get it ready to resell is either a repair or a capital improvememnt (same with your rental properties)…it all comes off of the cost basis for the house when you sell…
Depreciation is for income properties. You recapture when you sell…