I am suppose to inherit this house and didnt mind putting money into it but it would be nice to file some of this on taxes, is there any way to do that since the house is still in his name.
2006-12-26 14:26:27 · 5 answers · asked by aggie052001 1 in Business & Finance ➔ Renting & Real Estate
not that's I'm aware of. If he had put money into his own rental property then it could be claim but as it's not yours can't do it. Even if the house was in your own name you could not claim the improvements that can only be done if you are renting out to someone else. For owner occupied properties you can however claim mortgage interest
2006-12-26 14:30:02 · answer #1 · answered by Ella727 4 · 1⤊ 0⤋
You cannot deduct repairs on a house, other than a rental property, even if you own it. The only way it would be deductible would be that you could add the cost of the improvements to the house's cost basis in calculating the gain when you sell it. However gains on the sale of a residence is often not taxable.
If you improve rental property that you OWN, then you would depreciate the improvement over 27 1/2 years.
2006-12-26 22:32:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
no, home improvements are not tax deductible. Try putting it against the rent? even if you owned it, but if you rent it out and upgrade, some improvements are allowed as expenses. Your Uncle can do it and reimburse you, but that's against the law too.
2006-12-26 22:39:52 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Here is a guide on real estate deductions for tax purposes
http://the-real-estate-resource.blogspot.com/2006/12/real-estate-tax-deduction-have-your.html
2006-12-26 22:34:40 · answer #4 · answered by Anonymous · 0⤊ 0⤋
no
2006-12-26 22:32:30 · answer #5 · answered by cork 7 · 1⤊ 0⤋