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Level 2
June 3, 2019
Question

If we completed a 10-year rent-to-own agreement to purchase our home and closed in December 2018, does that count as "bought a home" and can we claim AC bought in 2017?

  • June 3, 2019
  • 6 replies
  • 25 views
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6 replies

June 3, 2019

Yes, Congratulations, you bought a home.  No, the AC was bought in 2017 so would have to have been claimed in 2017.

If this was a full air conditioning system, you could add it to the cost basis of the home to lower the gain whenever you sell.

Alumni - Champ
June 3, 2019
Even though the user was still legally a tenant in 2017?