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Level 2
January 26, 2022
Question

House repairs

  • January 26, 2022
  • 1 reply
  • 2 views

What are my options when considering home improvements/repairs. Do I have to claim them in the year they are done or can I wait until the sale of the house. 

    1 reply

    Level 15
    January 26, 2022

    Home improvements and repairs are not tax deductible until you sell the house.  When you sell the house they are added to the cost of your house to decrease your profit. If you put more into fixing the house and you sell for a loss, you get no extra deduction for the loss. 

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