turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Ask the Experts All About the W-4! >> Event happening NOW!!!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

We sold a second home, not a rental property and just used for personal use. Can we deduct any maintenance or improvement costs?

We only owned it for 1 year
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
DianeW777
Expert Alumni

We sold a second home, not a rental property and just used for personal use. Can we deduct any maintenance or improvement costs?

it depends.  You can add to the cost of the property any capital improvements added to the structure.  Regular maintenance would not be allowed to be used as an expense on the sale including utilities or insurance as example.

The following expenses can be added to the cost of your second home from the settlement statement at purchase. There could be similar charges at the time of sale.

 

Government Recording and Transfer Charges 

  • Recording fees
  • Title Charges
  • Lenders Title Policy
  • Settlement or Closing Fee
  • MLC  - Assuming it means Municipal Lean Certificate
  • Title Exam
  • Owners title Insurance

You can include these closing costs and add them to the cost basis of the property as noted above.

 

Do NOT include any of the following expenses--  Loan charges - Loan charges are part of the loan, not cost basis

  • Application fees
  • Lender fees
  • Appraisal Fee
  • Inspection Fee
  • Condo Questionnaire
  • Credit Report
  • Debt Report
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies