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I sold my condo and paid cash for a fixer that needed a lot…

I sold my condo...

I sold my condo and paid cash for a fixer that needed a lot of work to be livable. Can I deduct the repairs?

Accountant's Assistant: Will you be taking a standard deduction or itemizing?

I am self employed so I itemize yo dyslexic. Please excuse my challenges.

Accountant's Assistant: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.

I had to gut the kitchen and bathroom of the new structure. I lived in it without a working bathroom for six weeks and without a working kitchen for seven months. The money left fron my condo sale after paying cash for the house is what I used to remodel.

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Answered in 12 minutes by:

5/4/2021

Tax Professional: RodneyT629,

replied 1 year ago

RodneyT629

Category: Tax

Satisfied Customers: 1,083

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Good evening,

If you are repairing your main residence, then it's not deductible.

RodneyT629

Category: Tax

Satisfied Customers: 1,083

Experience: Expert

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