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Get your taxes done using TurboTax
If you do not purchase and sell real estate to customers in the ordinary course of a trade or business (i.e., you are not a developer, dealer, etc.), then you cannot deduct the amount paid for construction.
If this is your personal residence or an investment property, you can add the amount paid to general contractors and subs for improvements/construction to your cost basis.
November 6, 2019
7:39 AM