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Hi
I like the simple, yet understandable information you have here. But I am a bit confused on the cost part. As mentioned, if preparing the property for sale, I incurred costs like painting and putting in a new boiler, I should claim it under my personal taxes? But since its cost to prepare the property for sale, why would it be as my personal tax or capital loss rather then add it onto the cost of sale? Can you please clarify? Thanks
Reasonable money spent on repairs and maintenance to get the house ready for sale can be deducted as selling expenses. Improvements (like buying a new boiler) are added to the cost of the property and reduce the gain on sale.