any tax credit for spending money for new sidewalk, repair existing sidewalk.

[clad94538]

hi. as part of new residential construction, city of Fremont has mandated us to repair existing sidewalk and handicap ramp. this has cost me quite a bit. is it possible to get some tax credit on the $$$$$s spent for public works?

thank you.

[Rainman12]

No tax credit or deduction now for private use home, but cost is added to Basis of property which reduces any taxable profit when you sell.

[clad94538]

not till i sell the house?! thats long ways..

anyways, thanks for replying.

[Rainman12]

You're quite welcome. Although there's no tax benefit now, please check with your local public works department to see if any compensation funds are available. If they are, you'll have to subtract any such compensation from amount you paid to determine added Basis on property.