are broker fees deductable? repairs, up-to-market standards, etc.
2007-01-09 15:55:07 · 2 answers · asked by pepper 2 in Business & Finance ➔ Taxes ➔ United States
No, although broker fees can go onto the basis of the home to reduce your taxable gain, if any, when you sell it. Same for up-to-market standards, probably, depending on exactly what those expenses are. Repairs are not deductible nor do they add to the basis.
2007-01-09 17:41:54 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Your tax deductions would be real estate taxes paid, mortgage interest, and points paid if any.
Unfortunately your expenses are not tax deductible. However, if and when you make any additions to your house, add the cost of the renovation to the price you paid for the house. This would increase your basis in the house.
go to www.irs.gov and you can read more about your eligible deductions
2007-01-10 04:26:13 · answer #2 · answered by tma 6 · 0⤊ 0⤋