I purchased a home in February of this year. Around thanksgiving my husband and I noticed that the water from one of our pipes was sitting on top of the ground. When we called the plumber he said that we needed a new line and that it was going to be quite costly. I cant afford it but it has to be done. Is it possible to claim it on my taxes?
2006-12-14 12:18:36 · 4 answers · asked by wannaseeprettypnk 1 in Business & Finance ➔ Taxes ➔ United States
It only would work if it were rental property you owned and were leasing out.
2006-12-14 12:20:16 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Centurion is right. The reasoning is that deductions must be taken against revenue. If you were operating a business out of your home, or maybe a home office you could deduct at least part of it on Schedule C.
2006-12-14 20:29:31 · answer #2 · answered by Anonymous · 0⤊ 1⤋
You cannot claim the plumbing bill as a tax deduction. However, save the receipt because you can add that repair to the cost basis of your house which will reduce your profit when you sell it.
2006-12-14 20:26:50 · answer #3 · answered by Steve 6 · 0⤊ 2⤋
sorry boo.
2006-12-15 04:04:57 · answer #4 · answered by tma 6 · 0⤊ 1⤋