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).
02349
2 Replies
Vanessa A
Expert Alumni
Jan 25, 2022 12:07:56 PM
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.