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
posted
June 6, 20195:01 AM
last updated
June 06, 20195:01 AM
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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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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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