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rrplummer
New Member

I converted my basement into a room and added a 6 foot fence. Can i deduct any of these cost?

 
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TomD8
Level 15

I converted my basement into a room and added a 6 foot fence. Can i deduct any of these cost?

You can't deduct expenses like this if done to your primary residence.  Instead, you'll add the expenses to your cost basis at the time you sell the property, thus reducing your taxable capital gain.  So save your receipts.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

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1 Reply
TomD8
Level 15

I converted my basement into a room and added a 6 foot fence. Can i deduct any of these cost?

You can't deduct expenses like this if done to your primary residence.  Instead, you'll add the expenses to your cost basis at the time you sell the property, thus reducing your taxable capital gain.  So save your receipts.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

View solution in original post

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