Skip to main content
Level 2
June 5, 2019
Solved

I sold a condo last year and spent over $17K remodelling it on 2012 when I bought it. Are these expenses deductible now that I sold it?

  • June 5, 2019
  • 1 reply
  • 0 views
No text available
Best answer by null725
No, they are not separately deductible. You add the costs of improvements to the cost basis of the property and that reduces the gain on sale. That is the only way to recover the cost. If you didn't do that when you calculated the profit on the sale, then you can file an amended return for that year and correct your error.

1 reply

null725Answer
Level 13
June 5, 2019
No, they are not separately deductible. You add the costs of improvements to the cost basis of the property and that reduces the gain on sale. That is the only way to recover the cost. If you didn't do that when you calculated the profit on the sale, then you can file an amended return for that year and correct your error.
mauvega07Author
Level 2
June 5, 2019
Thank you Jerry, this clarifies it for me