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Can $41K on kitchen renovations & new floors, with invoice & receipts, be added as itemize deductible?

 
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Opus 17
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Can $41K on kitchen renovations & new floors, with invoice & receipts, be added as itemize deductible?

Home improvements on your personal home are never deductible.  They add to your adjusted cost basis, which may reduce your capital gains when you eventually sell.

 

Improvements on rental property are generally entered as assets, which are depreciated over the expected life of the asset.

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1 Reply
Opus 17
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Can $41K on kitchen renovations & new floors, with invoice & receipts, be added as itemize deductible?

Home improvements on your personal home are never deductible.  They add to your adjusted cost basis, which may reduce your capital gains when you eventually sell.

 

Improvements on rental property are generally entered as assets, which are depreciated over the expected life of the asset.

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