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rickandging
New Member

I purchased a piece of property in 2014 with an unlivable house. i demoed it and completely rebuilt it in 2016.......am i able to claim any of the expenses as deductions?

i was the contractor, house had been un occupied for several years.. i had to obtain occupancy permit before moving in
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MinhT
Expert Alumni

I purchased a piece of property in 2014 with an unlivable house. i demoed it and completely rebuilt it in 2016.......am i able to claim any of the expenses as deductions?

No, the expenses incurred in rebuilding your home are not deductible.

They are added to the cost basis of your home.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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MinhT
Expert Alumni

I purchased a piece of property in 2014 with an unlivable house. i demoed it and completely rebuilt it in 2016.......am i able to claim any of the expenses as deductions?

No, the expenses incurred in rebuilding your home are not deductible.

They are added to the cost basis of your home.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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