topic Are any of the expenses related to expanding our primary home deductible? in Deductions & credits

Are any of the expenses related to expanding our primary home deductible?

appraisalsbymg — Sun, 20 Dec 2020 00:09:03 GMT

We pushed out the main level and added a second level. Is anything about this tax deductible? Thanks!

Re: Are any of the expenses related to expanding our primary home deductible?

DoninGA — Sun, 20 Dec 2020 00:11:03 GMT

Improvements to your primary residence, not used as a rental or in a business, are not deductible on a tax return. The cost of the improvements is added to the basis of the home when it is sold.

Re: Are any of the expenses related to expanding our primary home deductible?

Bsch4477 — Sun, 20 Dec 2020 00:11:04 GMT

Add those expenses to the cost basis of your home. There is no deduction now.

Re: Are any of the expenses related to expanding our primary home deductible?

appraisalsbymg — Sun, 20 Dec 2020 00:25:22 GMT

thank you!