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I don't see where to enter in my home renovation cost. The cost of the renovations was rolled into our mortgage (203k Loan) but I thought these costs deductible still?

We purchased our home for around 230k, and put 30k into the house via the same home loan (FHA 203k) but I don't see anywhere in my 1099 where it allows me to deduct the cost of renovations.
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1 Reply
Carl
Level 15

I don't see where to enter in my home renovation cost. The cost of the renovations was rolled into our mortgage (203k Loan) but I thought these costs deductible still?

Property improvements on your primary residence or 2nd home are not deductible, ever. They just add to your cost basis. There's nothing to enter concerning this in your tax return, until the tax year you sell the property, convert it to a rental, or die.

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