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Can I deduct improvement expenses made to a property that my parents put in my name thru a life estate?
My parents put their house in my name thru a life estate in 2002. I paid for some updates (kitchen remodel 2012, roof 2008) while my father was still living there. He passed away in 2013 so I know my cost basis shifts to value at his death. I replaced the HVAC (central air and gas furnace) and sold the house last year. It was not my primary residence so I know I will pay cap gains on the sale. I am wondering if I can deduct the cost of the improvements that I made with the roof, kitchen and HVAC from the cap gains taxes.
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March 16, 2024
11:29 AM