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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16576
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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can I deduct the cost of replacing shingles on my home. Shingles

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can I deduct the cost of replacing shingles on my home. Shingles used in 2001 were subject of a law suit and the class action suit payed me for shingles only. Will I be ablr to deduct cost of repacement minus what they paid me as a lost on my taxes?

Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

How are you today?

Megan C :

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

Megan C :

Which will reduce your gain when you eventually sell the house.

Megan C :

But, you cannot deduct the cost of repairs or updates done to your home.

Megan C :

I'm truly sorry if you expected otherwise.

Megan C :

Is there anything else I can assist you with today?

Megan C :

Please reply and let me know if you need anything additional.

Customer:

thank you but no thanks as live on a fixed income.

Megan C :

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Megan C :

You can rate the response as "excellent" using the feature located at the bottom of your screen

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Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer