I just realized that I could have added a capital expense to my 2022 taxes. I don't know how to get back in to the 2022 Federal tax form to amend it. I had a main sewer drain that broke and had to be replaced (along with tearing up my driveway that was on top of the broken pipe. The cost was over $7,000 and I am still paying it off. I have the cashier's checks to show how much I paid.
I understand the difference between a capital improvement and a capital expense and because this sewer drain in necessary to my home's proper functioning I feel I can write some or all of it off. I just wished I had thought of it to do it last year.
posted
February 16, 2024
4:44 PM
last updated
February 16, 2024
4:44 PM