Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

can you claim house repair on your federal income tax return

Customer Question
like painting, repairs...
like painting, repairs
Submitted: 11 years ago.Category: Tax
Ask Your Own Tax Question
Answered in 6 minutes by:
6/24/2006
Tax Professional: Zhicheng Lai, Enrolled Agent(EA) replied 11 years ago
Zhicheng Lai
Zhicheng Lai, Enrolled Agent(EA)
Category: Tax
Satisfied Customers: 811
Experience: 5 years tax preparing experience
Verified
Do you have a homebased business? Do you have a home office?
Ask Your Own Tax Question
Customer reply replied 11 years ago
Reply to Zhicheng Lai's Post: like painting and repairing damaged wood from a storm.
Tax Professional: Zhicheng Lai, Enrolled Agent(EA) replied 11 years ago
My question is : Do you run any business from your home?
Ask Your Own Tax Question
Customer reply replied 11 years ago
Reply to Zhicheng Lai's Post: no
Tax Professional: Zhicheng Lai, Enrolled Agent(EA) replied 11 years ago
How much damage did the storm causing to your home?
Ask Your Own Tax Question
Customer reply replied 11 years ago
Reply to Zhicheng Lai's Post: take out a loan and $8,000.00. Had to replace air condition unit and paint the outside and replace some wood damage.
Tax Professional: Zhicheng Lai, Enrolled Agent(EA) replied 11 years ago
Usually, the repair of personal property is not deductible. The improvement can be added into the cost basis of the property, in the event you sell the house, you will get less captial gain. such as replacement of the AC.
If the loss is due to the casulty loss:
Figure the amount of your loss using the following steps.
1)Determine your adjusted basis in the property before the casualty or theft.

2)Determine the decrease in fair market value (FMV) of the property as a result of the casualty or theft.

From the smaller of the amounts you determined in (1) and (2), subtract any insurance or other reimbursement you received or expect to receive.

For personal-use property and property used in performing services as an employee, apply the deduction limits, discussed later, to determine the amount of your deductible loss.
Individuals may deduct personal property losses that are not covered by insurance or other reimbursements, but they must first subtract $100 for each casualty event and then subtract ten percent of their adjusted gross income from their total casualty losses for the year.

http://www.irs.gov/publications/p547/index.html
Ask Your Own Tax Question
Ask Zhicheng Lai Your Own Question
Zhicheng Lai
Zhicheng Lai
Zhicheng Lai, Enrolled Agent(EA)
Category: Tax
Satisfied Customers: 811
811 Satisfied Customers
Experience: 5 years tax preparing experience

Zhicheng Lai is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
How does applying the standard deduction, or any itemized
how does applying the standard deduction, or any itemized deductions, impact your federal tax bracket? the top end of the 15% tax bracket is $75,900 for married filing jointly and the standard deducti… read more
Carter McBride
Carter McBride
LLM
265 satisfied customers
We had a major casualty loss due to flooding in 2017,
We had a major casualty loss due to flooding in 2017, Federal disaster zone. We have itemized and valued hundreds of individual items lost in addition to the losses and damage to the real property. Do… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
As per the new tax law, the property tax deductions of 10000
As per the new tax law, the property tax deductions of 10000 is it per property or per tax payer per property?If both wife and husband file together can they claim 20000 towards one property or just 1… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
IS A HANDICAPPED RAMP VAN DEDUCTABLE. TO A WHEELCHAIR I NEED
I AM CONFINED TO A WHEELCHAIR I NEED A RAMP VAN WITH A DRIVER FOR TRANSPORTATION … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
My boss personally lended an individual 100000 and the
My boss personally lended an individual 100000 and the balance is now 82000, the person he landed this money to has stopped making payments, how can he claim this on his taxes and what tax from should… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Who can deduct 529 contributions. Can grandparents deduct
Who can deduct 529 contributions JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: Can grandparents deduct 529 contributions JA: Is there anything else … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Does California allow you to deduct your individual/solo
Does California allow you to deduct your individual/solo 401k contributions on your state taxes? How about contributions towards SEP IRA?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,808 satisfied customers
Are non insurance covered medical expenses deductible? Are
are non insurance covered medical expenses deductible? … read more
abci168
abci168
Principal
27 satisfied customers
Under the new tax plan if my federal adjusted gross income
Under the new tax plan if my federal adjusted gross income is $77,230.00 how much are my federal taxes? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,808 satisfied customers
The 2018 tax law will allow homeowners to deduct property
The 2018 tax law will allow homeowners to deduct property taxes and either income or sales taxes with a combined limit on these deductions being limited to no more than $10,000. What does this mean? w… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
On line 37 my 2015 Form 1040 I had an adjusted gross income
On line 37 my 2015 Form 1040 I had an adjusted gross income of $291,546. on my Amended 1040X for 2015 I have taxable income of $179,542. How do I get proof of this to get an adjusted MAGI to give to M… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,808 satisfied customers
Is the interest one pays on a personal loan a tax deduction?
Is the interest one pays on a personal loan a tax deduction? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,808 satisfied customers
Had a substantial casualty loss due to Sandy in 2012.
Had a substantial casualty loss due to Sandy in 2012. Claimed the loss on my tax return in 2013. Resulted in -$39000 in taxable income and zero tax for 2013. 1. Does the extra unused loss of this $390… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
You may recall that tax deductions are only deductible by
You may recall that tax deductions are only deductible by the legislative grace of Congress. After this lesson, you might have realized that Congress was pretty generous with the types of business exp… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,808 satisfied customers
Can house maintenance and property taxes be deducted on form
Hello. Can house maintenance and property taxes be deducted on form 1041 for a house owned by decedent prior to the Executors selling it? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
A question about mortgage deduction: if person A helps
A question about mortgage deduction: if person A helps person B take a loan to help this person B buy a primary residence, who gets the right to deduct the mortgage interest for tax filing? Person A m… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Since my adjusted gross income is over $100,000, I can't
Since my adjusted gross income is over $100,000, I can't take the rental loss that I have even though I was actively maintaining the property. Since I have a mortgage and property taxes on that rental… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Dependent Children. 1. Taxpayer's adjusted gross income is
Dependent Children.1. Taxpayer's adjusted gross income is over $ 800K so personal exemptions are phased out. 2. Taxpayer's children are between ages 12 - 17. 3. All three children have earned income o… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
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.

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.

Show MoreShow Less

Ask Your Question

x