Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
bradikip
New Member

Second house purchase that we never lived in or rented out but put a lot of money in to remodeling

Where can I file for the improvements made?
1 Best answer

Accepted Solutions
MinhT
Expert Alumni

Second house purchase that we never lived in or rented out but put a lot of money in to remodeling

Improvements added to your second home are not tax deductible.

They are added to the cost basis of your home and will help reduce capital gains when you sell the home.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
MinhT
Expert Alumni

Second house purchase that we never lived in or rented out but put a lot of money in to remodeling

Improvements added to your second home are not tax deductible.

They are added to the cost basis of your home and will help reduce capital gains when you sell the home.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v