2862767
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?
You'll need to sign in or create an account to connect with an expert.
Home improvements are not deductible, they are added to the basis of the property. You will have a smaller gain, if any.
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.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
user17538342114
New Member
user17525168329
Level 1
in [Event] Ask the Experts: Investments: Stocks, Crypto, & More
lyle_tucker
New Member
LORIT2015
New Member
mjtax20
Returning Member