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Non-deductible portion of Mort Int & property taxes to basis when selling primary residences for home owner exclusion

LA CPA
Level 2

Can you add the non-deductible portion of Mort Int  (Mortg in excess of $750K) & property taxes (SALT limitation) to basis when selling primary residences for gains outside of the home owner exclusion?

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LA CPA
Level 2

Do you have a source for that?

 

Thanks!

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16 Comments 16
sjrcpa
Level 15

No.

LA CPA
Level 2

Do you have a source for that?

 

Thanks!

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BobKamman
Level 15

Seventh Commandment

IRonMaN
Level 15

I thought it was the 6th but Bob is our best source for all things tax so he has to be right.


Ukraine - hang in there
LA CPA
Level 2

Sorry, I am new to this board. What is the commandment? I have heard of IRC. Where can I find commandments to search text?

 

thanks a million!

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BobKamman
Level 15

Exodus 20:2-17

Can you add the expenses for your annual Christmas party or the Thanksgiving turkeys to the cost basis of your home when you sell it? 

No?

Your source?

The principles and rules for establishing basis are outlined in codes, regs., case laws, and what-not...   If I wanted to fit my Thanksgiving turkeys right into the basis, I'd better be able to cite the source.  I think that's how it works.  Not the other way around.  But then, don't ask me for the source for this.  If you do, I'll take the 5th.  Amendment, that is, this time.

Meanwhile, I personally prefer Deuteronomy 5:6-21 when it comes to the Big Ten.  During certain part of the year, I do invariably fail to observe the Sabbath day.  If I go by Deuteronomy, at least I'd get the part for "male and female servants may rest" down pat.  (I'm too cheap to pay my male and female CPAs OT),  But then, that's me. 

   


I come here for kudos and IRonMaN's jokes.
sjrcpa
Level 15

No I don't have a source for that.

LA CPA
Level 2

Why are people proselytizing on this message board this is very unprofessional?  Anyway to stop it? 

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BobKamman
Level 15

OMG just realized the name is ProSERIES and not ProSELYTE  . . .

abctax55
Level 15

@LA CPA 

1) you get what you pay for around here.

2) Nope, can't be stopped.


#StandWithUkraine

You called it proselytizing.  Your assumption.  You don't know me personally; so, I'll let you have your assumption. 

Bob gave you an answer that was somewhere between over-the-top and off-the-wall.  You responded with a question, and he gave you a literal answer.  If you didn't find the humor of it all, I'd let you have the not-finding, also.

I spent the time deciphering the answers given by Bob and @sjrcpa, with a tax practitioner's perspective.  I thought my answer was technical enough for addressing your original question.  You just came back to complain.  Yes, I did continue on with Bob's line of discussion.  I'm chatty. what else can I say?  If I quoted a movie line here, would you say I'm advertising for Hollywood?  If I quoted the lyrics of a song here, would you also think it's unprofessional?  I just wonder.  

Personally, I'd say there's a big gap between the discussion and "proselytizing".  But that's me.

As to "Anyway to stop it?"  The short answer immediately came to mind: No.  Literally.  

Source?  None.

Billable hours are calling, and I digress.


I come here for kudos and IRonMaN's jokes.
sjrcpa
Level 15

Guess you can't see the sarcasm font.

@sjrcpa - not chatty.

I - am.


I come here for kudos and IRonMaN's jokes.
qbteachmt
Level 15

"Do you have a source for that?"

It needs to be stated the other way around. Since Life Costs are not typically tax deductible, the IRC provides for what is deductible, and doesn't include what is not. Knowing you cannot prove a negative, the real question would be:

Please cite your reference for: "add the non-deductible portion of Mort Int (Mortg in excess of $750K) & property taxes (SALT limitation) to basis when selling primary residences for gains outside of the home owner exclusion"

 

Because not finding this in the code isn't the same as finding this in the code.

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"Level Up" is a gaming function, not a real life function.
LA CPA
Level 2

Thank you so much! Excellent explanation!