Quote:
Originally posted by mmm3587
Just a wild ass guess, but I would think you might be able to deduct (or rather, adjust the basis to reflect, but who's counting) improvement costs, repair costs, etc., just like you used to be able to with primary residences when all capital gains were taxable (as opposed to the current scheme of capital gains being taxable only above a certain amount).
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That remains the case--you still get to adjust the basis. But it would be tasty to have that $500k exemption as well.
