- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
The only expenses you can deduct for your mother's house (unless you have made it a rental property) are real estate taxes and mortgage interest, but only if you itemize deductions on Schedule A. Everyday expenses such as utilities are not deductible, unless you have made it a rental property. If you make improvements or repairs so you can sell it, they will increase your basis which could reduce any potential gain on the sale of the property. FYI, your basis in the property is the value on the date you inherited it, plus any improvements and sales costs. As for your mother's debts you are paying, they are not deductible. We are sorry for you loss.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎January 14, 2021
4:11 PM
456 Views