turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
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.

b-myles
New Member

I bought a house with cash, and did thousands in repairs, is there any way i can add said repairs in my deductions?

 
Connect with an expert
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 Reply
ThomasM
New Member

I bought a house with cash, and did thousands in repairs, is there any way i can add said repairs in my deductions?

If the house is a rental, then you'll be able to take a depreciation expense each year for both the house and the improvements.

If the house is personal property (either your primary residence or an additional home), then the total amount you paid for those improvements will be added to your "basis" in the property, which means it gets added to the purchase price of the home, thus increasing the amount you've invested in it.  When you eventually sell the property, that increased basis will result in a smaller taxable gain.  So the benefit of those improvements will appear when you sell the place.

There are also Residential Energy Tax Credits which you may qualify for if one or more of these improvements qualify as "energy efficient."  Here's a link to the instructions for IRS Form 5695, which takes you step by step thru the requirements for these credits:   https://www.irs.gov/pub/irs-pdf/i5695.pdf

Additionally, you may want to check your state web site to see if they also offer any kind of energy property credit.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies