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Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 989
Experience:  MBA, EA, Specializing in Business and Individual Tax Returns and Issues
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We are selling a condo in Maine. In making it market ready

Resolved Question:

We are selling a condo in Maine. In making it "market ready" we spent a few thousand dollars with upgrades (hardwood flooring, new kitchen sink, new commode, replaced doors, complete top to bottom repainting).
Are these expenses deductible for tax purposes? We already are losing a lot of money because of the drop in value from what we paid and are wondering if we can add these expenses to our loss.
Thank you.
Submitted: 2 years ago.
Category: Tax
Expert:  Mark D replied 2 years ago.

Mark D :

Hello, is this a personal or rental property?

Expert:  Mark D replied 2 years ago.
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Customer: replied 2 years ago.
This is personal property and never rented. We were living in it until recently.
Expert:  Mark D replied 2 years ago.
Thank you. The expenses are not deductible, but can be added to you adjusted cost basis. This would decrease any taxable gain you have from the sale.Please keep in mind you may be able to exclude up to $500K of gains as a married couple if you lived in the house for two of the previous five years.

Regards,

Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 989
Experience: MBA, EA, Specializing in Business and Individual Tax Returns and Issues
Mark D and 2 other Tax Specialists are ready to help you

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