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Senior Advisor

Re: Tax Deductible?

That was actually a joke.  We live in a small town, but not that small.  Thought the comment might add to where the thread was going.

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Senior Contributor

Re: Tax Deductible?

Bugeye, That was spoken like a guy with experience building a shop-------- sw Alright, I can tell where this is going. You and a couple of other yahoos on here are planning on ganging up on ol' Bugeye. I can tell you right now....it's prolly gonna work. We're already on our third shovel handle and it's only 2013. Won't be long and Shaggy will be farther along than I am. Of course it didn't help to have the kid off sick all week with this 50-60 degree weather we've been having.I suppose I'm gonna have to send him to Hawaii to get straightened out. Ain't that right Hobby? Looks like people could plan their sick days a little better.
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Frequent Contributor

Re: Tax Deductible?

Be very cautious with some of the advice in this thread.  Some of it is way off into the grey area and could get you into some risky positions. 

 

 The following statement is quoted from IRS Pub 551 Basis of Assets, page 4, middle column.  "Demolition of building.  Add demolition costs and other losses incurred for the demolition of any building to the basis of the land on which the demolished building was located.  Do not claim the costs as a current deduction."

 

From this quote from the IRS pub, one would conclude the demolition of your building and the removal of the trees are non deductible and add to the purchase cost of your land.  That cost will be recovered when the property is sold.

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