I purchased an land parcel for $49K and placed a new mobile home on it valued $95K. I spent $33K dollar to improve the property. Can I claim this on my tax return?

This a second home. The property is for personal use (not a rental property).

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I purchased an land parcel for $49K and placed a new mobile home on it valued $95K. I spent $33K dollar to improve the property. Can I claim this on my tax return?

No. Improvements to personal property are not tax deductible. Whenever you sell the property, you will add these improvements to your cost bases, decreasing your profit on the sale.

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I purchased an land parcel for $49K and placed a new mobile home on it valued $95K. I spent $33K dollar to improve the property. Can I claim this on my tax return?

Thank you!

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