JustAnswer > Tax
Ask A Question|Register|Login|Help
JustAnswer

Tax
Ask a Tax Question, Get an Answer ASAP!

Have your own Tax question?

4 Tax Professionals are Online Now
characters left:
Not a Tax Question?

Related Tax Topics:

  • Tax
    • ,
  • Gain
    • ,
  • Year
    • ,
  • Basis
    • ,
  • Estate
    • ,
  • Income
    • ,
  • Return
    • ,
  • Rental
    • ,
  • Report
    • ,
  • Personal
Bookmark and Share

Question

We spent several thousand dollars on home improvements and repairs just before the sale of our home last year. Our real estate agent said this is tax deductible. Is she right, and if so, where on my tax return (due on the 15th) do I report this?

Submitted: 41 days and 9 hours ago.
Category: Tax
Value: $12
Status: CLOSED

Accepted Answer

Hello Mobile,

Any improvements that you made to your home simply add to your basis, so that you will have a higher basis to use when figuring the gain you had from this sale. But the improvements and repairs are not directly deductible as an expense on your tax return.

Improvements made to a home, whether it be your personal home or rental property or any type of property, are never allowed as direct deductions against income. They do reduce your gain on the sale by increasing your basis, but that is the only way that they help reduce your tax liability.

If this was helpful please press the Accept button.

Thank you Mobile and let me know if you have more questions.

Picture
Expert: Merlo
Pos. Feedback: 99.8 %
Accepts: 
Answered: 10/12/2009

Accountant

25+ years tax consulting. Specializing in returns for US citizens living abroad

Related Tax Questions

  • We owned a restrauant which we closed in 2001. We owed $27,...
  • Im making an effort to clean up my credit report,I noticed
  • If my parents buy a property in Turkey for me and the deeds
  • IVE JUST HAD A CHAPTER 7 FILING WHERE ALL MY DEBT IS GONE BU...
  • The State of California is trying to tax 2006 (Jan-March) in...
  • I recently received a letter from GMAC Mortgage stating that
  • if you have it,you want to share it,if you share it,you dont
  • I lived and worked in New York City from January 1 2009 to



Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
Question List | Become an Expert | Terms of Service | Security & Privacy | About Us
© 2003-2009 JustAnswer Corp.