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From: mls@ittvax.ATC.ITT.UUCP (Michael Schneider)
Newsgroups: net.taxes
Subject: Re: taxes & home purchase
Message-ID: <457@ittvax.ATC.ITT.UUCP>
Date: Mon, 12-Aug-85 08:40:57 EDT
Article-I.D.: ittvax.457
Posted: Mon Aug 12 08:40:57 1985
Date-Received: Wed, 14-Aug-85 00:42:51 EDT
Organization: ITT-ATC, Shelton Ct.
Lines: 8

Although we know about deferring capital gains tax on federal taxes, some
states will tax you on the sale of your house.  We all know that we should
think about the sale of a house when we buy it.  In the case of taxes, many of
the items that can't be deducted from taxes can be added to the basis of the
house, thus reducing the capital gains when it is sold.  This calls for
careful accounting when you buy and upgrade the house while you live in it.
 
M.L. Schneider