Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Still need to file? Our experts can get your taxes done right. Get started >
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
stephaniewilhelm
New Member

We bought property this year and put in a new septic and water meter. can i claim those costs?

 
1 Reply
CathiM
New Member

We bought property this year and put in a new septic and water meter. can i claim those costs?

It depends on whether the property was rental, investment or personal residence. Either way, you cannot use the costs as "expenses" this year.  If it is rental property, you can use the depreciation deduction.

For rental property, you will add the cost of the improvements to the cost of the property and depreciate the entire cost of the structures and improvements but not the land. Click on this link for more information: Rental Property.

If the property is investment or personal residence, you add the costs of improvements to the basis (cost).  This may lower your taxable income when you sell the property.  

Here are more details about selling your personal residence.

https://ttlc.intuit.com/replies/5687175

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v
ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~