Tax Question for Rehab in 2012

[Tyler J.]

My first rehab is set to close in less than 3 weeks.. I rehabbed the house and all repairs and costs were done in 2012. My question is for my taxes, do I need to do anything with my remodel receipts or anything for 2012? Usually I just user turbo tax, but I know at least for 2013 I will need to use a CPA because of the rehab and all the deductions Ill have to reduce capitol gains, but I just want to make sure/see if I need to do anything different in 2012.

Thanks!

[J Scott]

Originally posted by Taylor Green:

Hi,

I know this is an old thread, but I've been searching everywhere to find if there are any deductions you can take on a house flip profit. Are you able to write off interest from a hard money lender? Thanks.

In general, you can deduct all expenses associated with the project, including interest on mortgage payments, taxes, insurance payments, utilities, etc.