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billyhaque
Level 2
June 1, 2019
Question

Is a parking space purchased for my home considered a capital improvement? I live in a condo and the parking space is in the basement of the building in manhattan.

The parking space is in my condo building and is accessed by the condo building. It significantly increases the value of my residence.

1 reply

TerryA
Alumni - Intuit
June 1, 2019

Yes, that would become part of your overall cost basis in the condo. I have the same scenario with my condo in Denver.

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