turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

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

StewartS
New Member

I bought a house is 2016 as a first time homebuyer. I put about 20k worth of renovations into it. Is there a way to write off these expenses?

 
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 Best answer

Accepted Solutions

I bought a house is 2016 as a first time homebuyer. I put about 20k worth of renovations into it. Is there a way to write off these expenses?

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

View solution in original post

1 Reply

I bought a house is 2016 as a first time homebuyer. I put about 20k worth of renovations into it. Is there a way to write off these expenses?

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

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question