Hi, that’s what I understand but , I read “major” improvements are deductible against the profit… please advise if I am wrong.
for example
Purchase price $30,000
sale price $100,000
we put on new porch/ deck 5,000
privacy screen $10,000
new flooring $2000
would these items be deductible this being down my cost basis from $30K to 47K.
my understanding is that normal repairs are not deductible but major upgrades to home are.
any advice is appreciated. Thank you
