Hello,
You'll need to sign in or create an account to connect with an expert.
Yes and no. You can add the roof, floors and kitchen to the basis, BUT you need to deduct the insurance proceeds from the additions. So, say you spent $100,000 on the new roof, kitchen, flooring, etc and the insurance only reimbursed you $90,000, your basis in the house would increase by $10,000.
You cannot add to the basis expenses you deducted already over the years.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
robertbyrnes
New Member
robertbyrnes
New Member
knownoise
Returning Member
knownoise
Returning Member
redmoose
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.