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deb5012
New Member

Where do i enter for land improvements for land washing away from home

I live on a tall hill and rain has made gullies and washing away land very fast.  also I bought a home network security and don't know where to enter that.
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Accepted Solutions
jerry2000
Alumni

Where do i enter for land improvements for land washing away from home

Repairs, maintenance, and improvements  to your personal residence property are not deductible from current income. If you make major improvements which increase your home’s market value or extend its useful life, you can add the cost of the improvements to the cost basis of your home, and you get the benefit when you sell.
You might find it helpful to read IRS Pub. 530, Tax Information for Homeowners
http://www.irs.gov/pub/irs-pdf/p530.pdf

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1 Reply
jerry2000
Alumni

Where do i enter for land improvements for land washing away from home

Repairs, maintenance, and improvements  to your personal residence property are not deductible from current income. If you make major improvements which increase your home’s market value or extend its useful life, you can add the cost of the improvements to the cost basis of your home, and you get the benefit when you sell.
You might find it helpful to read IRS Pub. 530, Tax Information for Homeowners
http://www.irs.gov/pub/irs-pdf/p530.pdf

View solution in original post

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