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Nowhere. repairs and improvements to your primary residence or 2nd home are not deductible. However, property improvements add to the cost basis of your house. But you don't report those anywhere. Those costs won't matter until the year one of three things happens in your life.
1) You sell the house
2) You convert the property to a rental
3) You die.
credit for roof replaceent
Where do I enter the cost of years of home improvements after having sold my primary home?
I have sold my primary home. Where in the turbo tax do I enter the cost of years of home improvements?
But, I understand that if you sell your home, you are allowed to deduct the cost of the home improvements effected in the home for the last 21 years. Can someone help me with a straight forward answer. Please... ?
You add the cost of capital improvements to your cost basis in the house.
Sale of your main home, it’s reported under Less Common Income in the Wages & Income section.
Profits of up to $250,000 ($500,000 on a joint return) on the sale of your home may not be taxable if it was your primary residence for two of the last five years. We’ll ask you some questions about the sale of your home to see if you qualify.
If you own your home, work from home, & have a home office you can put repairs made to the office on Form 8829, line 20.
@JillWachter What you said applies only for folks who are self-employed.
W-2 employees cannot deduct job-related expenses on a federal return. Job-related expenses were eliminated as a federal deduction for W-2 employees by the tax laws that changed for 2018 and beyond. Your state tax laws might be different in AL, AR, CA, HI, MN, NY or PA.
If you live in a state that lets you deduct job-related expenses, the information will flow from your federal return to the state return, so enter it in Federal>Deductions and Credits>Employment Expenses>Job-Related Expenses
Yes, you are right. I am self employed.
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