Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Posting-Version: version B 2.10.2 9/17/84; site ittvax.ATC.ITT.UUCP Path: utzoo!linus!decvax!ittatc!ittvax!mls 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