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Cathy206
New Member

Purchased home in 1993 for $60K. I moved and rented it in 2010. I sold the property in 2018 for $125K. I have $69K in repairs, during 1993-2016. What can I claim/where?

 
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Coleen3
Intuit Alumni

Purchased home in 1993 for $60K. I moved and rented it in 2010. I sold the property in 2018 for $125K. I have $69K in repairs, during 1993-2016. What can I claim/where?

When you began the rental process you were asked both for the basis (cost plus major improvments) and your Fair Market Value. Both are compared to determine the amount to depreciate. Your major improvments should have been reflected there. 

Repairs that your made to your home while it was your personal property are not deductible. Repairs while a rental should have been taken as a deduction in the year they occurred.

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1 Reply
Coleen3
Intuit Alumni

Purchased home in 1993 for $60K. I moved and rented it in 2010. I sold the property in 2018 for $125K. I have $69K in repairs, during 1993-2016. What can I claim/where?

When you began the rental process you were asked both for the basis (cost plus major improvments) and your Fair Market Value. Both are compared to determine the amount to depreciate. Your major improvments should have been reflected there. 

Repairs that your made to your home while it was your personal property are not deductible. Repairs while a rental should have been taken as a deduction in the year they occurred.

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