I purchased a home on 12/30/16 but put improvements into before the purchase where do I put the expenses?
The costs of those improvements are an increase in your cost basis. They are not reported on your tax return as they are not deductible expenses. When you sell the house (whether your personal residence or a rental property) they will reduce your gain or increase your loss, as the case may be.
I purchased a home on 12/30/16 but put improvements into before the purchase where do I put the expenses?
The costs of those improvements are an increase in your cost basis. They are not reported on your tax return as they are not deductible expenses. When you sell the house (whether your personal residence or a rental property) they will reduce your gain or increase your loss, as the case may be.
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