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
Returning Member
posted Feb 15, 2022 11:17:17 PM

I had water damage to my home and have paid a designer, draftsman

My insurance has paid out part of a settlement but these expenses are on me until the city signs off on the repairs to my home after permits.  These are large expenses, can I deduct them?

0 1 222
1 Replies
Expert Alumni
Feb 16, 2022 5:14:52 AM

@drositano 

If this is you personal residence, no, you can't deduct them however, when you sell the home, those "home improvements" will be added to the basis of your property reducing your gain.

 

For additional information, see Can I deduct home improvements on my tax return?

 

[Edited 2/16/22|5:17 am PST]