Have a Tax Question? Ask a Tax Expert
Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.
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Unfortunately, the answer to your question is that you cannot deduct the cost less your payment. However, what you do is you add that amount to your basis in your house
Which will reduce your gain when you eventually sell the house.
But, you cannot deduct the cost of repairs or updates done to your home.
I'm truly sorry if you expected otherwise.
Is there anything else I can assist you with today?
Please reply and let me know if you need anything additional.
thank you but no thanks as live on a fixed income.
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