Deduction for kitchen remodel

[monksmommy333]

We had water damage from our dishwasher, not covered by insurance. Had to refinance house in order to put in a new kitchen. is this deductible?

[jerry2000 · Accepted solution]

Repairs, maintenance, and improvements  to your personal residence property are not deductible from current income. If you make major improvements which increase your home’s market value or extend its useful life, you can add the cost of the improvements to the cost basis of your home, and you get the benefit when you sell.
You might find it helpful to read IRS Pub. 530, Tax Information for Homeowners
http://www.irs.gov/pub/irs-pdf/p530.pdf