Subject: House Renovations
From: "Eric Schwerin" <[email-masked]>
To: "Sarah E. Mancinelli" <[email-masked]>
Cc: "Hunter Biden" <[email-masked]>
Date: Wed, 22 Feb 2017 16:09:46 -0500

Sarah-

Hunter asked me to send the attached spreadsheet detailing the cost of home renovations from mid-2014 to mid-2016.  He also asked me to clarify for you that this was for one particular project that included the basement and master bedroom and doesn’t include other renovations done to the house since Hunter and Kathleen purchased it.  I don’t believe this covers furniture purchased and other renovations projects.

For context as well, this period of time was the same time that covers the tax years where Hunter and Kathleen have had to revise their returns and will owe back taxes.  Because their tax bill was smaller than they thought at the time, they were able to pay for these renovations without taking on any additional debt.  Had they known that they owed the taxes they might have chosen not to do the renovations or had to take out debt to pay for them.   Hunter thought that context was important when discussing the value of the house and the back taxes owed.

Thanks,

Eric

Eric D. Schwerin
Rosemont Seneca Advisors, LLC
2900 K Street, NW
Suite 507
Washington, DC 20007
(202) 333-1880
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