I sold my house this summer after making some improvements (deck, new lawn, shed, etc) can I write these expenses off and if so, how?
If this was your personal residence and you did not realize a gain of $250k, $500k if MFJ, you do not have to even report the sale unless you had used part of your home for business and could have taken depreciation.So, was this your principal residence?
I forgot to add that you had to have owned and occupied the house for at least 2 of the last 5 years to have the exclusion of $250K/$500K.
Per the IRS, "an improvement materially adds to the value of your home, considerably prolongs its useful life, or adapts it to new uses. You must add the cost of any improvements to the basis of your home. You cannot deduct these costs." PUB 530hope it helps!JF
yes this was my personal residence for that time period. I don't have to report the sale? How do I address the gain I made on the house and can I deduct the costs of improvements to offset the gain? I appreciate your input!
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |