Can property taxes, utilities, insurance or any other recurring expenses be added to the cost of a vacation property not earning any income but for leisure purposes only.
- A vacation property is owned by a company (which earns passive income)
- A vacation property is not rented out
- A vacation property is used by shareholders and their family members
- Recurring expenses are incurred through out the year to maintain the property
Can the recurring expenses be added to the cost of the property so that later on when they sell it there is less of a capital gain?
Your response is much appreciated.