itonewbie
Level 15
12-07-2019
11:26 AM
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Back to the basic. All income from whatever source derived is includible as gross income unless specifically exempt or excluded. Deductions and credits, on the other hand, are matters of legislative grace. This is especially true for non-business-related expenses. Capital improvements could still count as basis. There's no loss here and it should be no surprise.
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Still an AllStar
Still an AllStar