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mcgee6007
New Member

Improvements made to an inherited property prior to selling it. Can I deduct these?

I inherited my mother's home (split equally 3 ways -  between myself and two sisters).   Prior to selling the inherited home,  we had the inside of house painted, and after finding a small amount of water under the house, we had Drypro install a french drain around the inside permiter along with a sump pump.   Total cost of painting $2,850  (1/3 = $950);  Total cost of DryPro work $5,602 (1/3=$1,867).    Can I reflect this as a deduction expense and if so, where in TurboTax do I record this?

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2 Replies

Improvements made to an inherited property prior to selling it. Can I deduct these?

Home improvements are not deductible, they are added to the basis of the property.  You will have a smaller gain, if any. 

TomK2023
Expert Alumni

Improvements made to an inherited property prior to selling it. Can I deduct these?

No.  Your initial basis is the FMV (Fair Market Value) on the death of your mother. You would add the costs of the improvements to your basis to get your adjusted basis.

 

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