I just bought a house. Can I claim home improvements (new floor put in, furniture purchased, appliances)? How do I do so?

luvmonkeys5 · ‎May 31, 2019

IreneS · ‎May 31, 2019

No -- not if this is your principal residence.

Improvements to your principal residence are not deductible on your tax return. But keep track of these expenses--you can add them to the basis (cost) of your home to reduce the gain when you sell the home in the future.

However, property taxes, mortgage interest and mortgage insurance are deductible on your return.

For more good information on home improvements, please see this FAQ:

https://ttlc.intuit.com/replies/3301939

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I just bought a house. Can I claim home improvements (new floor put in, furniture purchased, appliances)? How do I do so?