I live in Texas and own a home in Florida that belonged to my mother-in-law. We incurred cost of a new roof, hot water heater etc. while preparing it for sale. Can we claim these costs, or can we only claim it once the property sells?
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1 Replies
Vanessa A
Expert Alumni
Mar 24, 2025 9:09:54 AM
If you own the home and added a new roof and water heater, these expenses can be added to cost basis of the home for when you sell the home. It will reduce your overall profit on the sale of the home.