Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 6, 2019 3:19:39 AM

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

0 1 480
1 Best answer
Level 15
Jun 6, 2019 3:19:41 AM

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.

1 Replies
Level 15
Jun 6, 2019 3:19:41 AM

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.