- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can I file for major repairs on my home and/or cost of insurance deductible to fix repairs
Had a leak in roof which insurance paid for but I had to pay deductible, is that deductible on my taxes and if so where do I find the place to list it.
Topics:
posted
June 5, 2019
10:35 PM
last updated
June 05, 2019
10:35 PM
1 Best answer
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can I file for major repairs on my home and/or cost of insurance deductible to fix repairs
Repairs, maintenance, and improvements to your personal residence property are not deductible from current income. If you make major improvements which increase your home’s market value or extend its useful life, you can add the cost of the improvements to the cost basis of your home, and you get the benefit when you sell.
You might find it helpful to read IRS Pub. 530, Tax Information for Homeowners
http://www.irs.gov/pub/irs-pdf/p530.pdf
You might find it helpful to read IRS Pub. 530, Tax Information for Homeowners
http://www.irs.gov/pub/irs-pdf/p530.pdf
June 5, 2019
10:35 PM
1 Reply
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can I file for major repairs on my home and/or cost of insurance deductible to fix repairs
Repairs, maintenance, and improvements to your personal residence property are not deductible from current income. If you make major improvements which increase your home’s market value or extend its useful life, you can add the cost of the improvements to the cost basis of your home, and you get the benefit when you sell.
You might find it helpful to read IRS Pub. 530, Tax Information for Homeowners
http://www.irs.gov/pub/irs-pdf/p530.pdf
You might find it helpful to read IRS Pub. 530, Tax Information for Homeowners
http://www.irs.gov/pub/irs-pdf/p530.pdf
June 5, 2019
10:35 PM
Still have questions?
Make a post