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keversull
New Member

Can I deduct the 5k cost of fixing my septic system in order to sell my home on my selling expenses?

 
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MaxA1
Employee Tax Expert
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Can I deduct the 5k cost of fixing my septic system in order to sell my home on my selling expenses?

You can deduct but not under selling expenses.  You would include this in the adjusted cost basis of your home.  The adjusted cost basis of your home is the purchase price of your home, plus closing costs, large repairs, improvements, and renovations done on the home during ownership.  Here are some links that talk more about the sale of a home and the adjusted cost basis:

 

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1 Reply
MaxA1
Employee Tax Expert
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Can I deduct the 5k cost of fixing my septic system in order to sell my home on my selling expenses?

You can deduct but not under selling expenses.  You would include this in the adjusted cost basis of your home.  The adjusted cost basis of your home is the purchase price of your home, plus closing costs, large repairs, improvements, and renovations done on the home during ownership.  Here are some links that talk more about the sale of a home and the adjusted cost basis:

 

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

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