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Deductions & credits
In other words if you you paid $15,000 for the pool and it increased your property value by $12,000 then the most that you could apply as an itemized medical deduction would be $3,000, and If it increased the property value by $15,000 or more then there is noting to deduct at all. The IRS can ask you to prove it if audited, which is likely.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎August 3, 2019
4:29 PM