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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7197
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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Can i claim on my tax the improvements i made to the house i

Customer Question

Can i claim on my tax the improvements i made to the house i just bought? How about the dpwnpayments i made when i boight the house. Tnx
Submitted: 1 year ago.
Category: Tax
Expert:  Stephen G. replied 1 year ago.

Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.

Expert:  Stephen G. replied 1 year ago.

Unfortunately there is no current tax deduction possible for improvements to your home. They must be added to the original cost of your home and would then be available to reduce any capital gain that you may realize on the sale of your home.

Likewise, any deposits or downpayments you made would be a component of the cost of your home, not separately deductible for income tax purposes.

One thing that you will want to check on from the closing statement on the purchase of your home is that if you paid any real estate taxes as part of the closing, they are deductible on your Schedule A - Itemized Deduction as part of your 2016 income tax return on Form 1040.

In addition, any financing "points" you paid in connection with your mortgage would also be reflected on your closing statement and may be deducted on Schedule A also, along with any mortgage interest you paid during 2016, which will be reported to you on a Form 1098 at the end of the year (By January 31, 2017 for 2016).

Steve G.