I bought a house last year and have put over 12,000 in repairs into it all ready. Is any of this tax deductible? I know the interest in my mortgage is, but I keep hearing mixed advice on whether the repairs are deductible.
I've saved every receipt for repairs, roof, front door, new fence, etc.
Any CPA's that can advise? or Tax professionals?
2007-12-02 11:08:34 · 4 answers · asked by serialmom12 5 in Business & Finance ➔ Taxes ➔ United States
No. For your home, any repair expenses are not deductible.
Also home improvement expenses (except for repairs) are not deductible but these expenses increase your basis. When you sell the house, your profit will be less. So it is better to keep track of all such expenses.
2007-12-02 19:14:18 · answer #1 · answered by MukatA 6 · 0⤊ 0⤋
Home Repairs Tax Deductible
2016-11-07 05:19:09 · answer #2 · answered by ? 4 · 0⤊ 0⤋
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RE:
Can you write off home repairs on your taxes?
I bought a house last year and have put over 12,000 in repairs into it all ready. Is any of this tax deductible? I know the interest in my mortgage is, but I keep hearing mixed advice on whether the repairs are deductible.
I've saved every receipt for repairs, roof, front door, new fence,...
2015-08-24 10:31:04 · answer #3 · answered by Maximilien 1 · 0⤊ 0⤋
Well as everyone has commented the repairs are not tax deductible, only way it would be is if it accounts towards a energy savings credit...
The only other way you can get some advantage is if you took out a HELOC and any interest you pay on this loan can be written off on your taxes.
2007-12-02 14:53:13 · answer #4 · answered by Ashish P 2 · 2⤊ 0⤋
No, repairs aren't deductible.
You might be eligible for a home energy credit for some of the work though, if what you did meets the requirements. Of the items you mention, it's possible that the new door would qualify for a small credit.
2007-12-02 11:12:19 · answer #5 · answered by Judy 7 · 1⤊ 0⤋
No, repairs are not deductible on your own home. Improvements that enlarge or improve the home (an addition, adding a pool, etc.) can be used to adjust your cost basis when you sell, but are not "deductions."
If the house in question is used for rental income, that is a different situation.
2007-12-02 11:12:34 · answer #6 · answered by Anonymous · 1⤊ 0⤋
No deductions for repairing your personal residence.
See Form 5695 to see if you qualify for a small credit for energy efficient items that you may have installed in your home.
2007-12-02 11:38:42 · answer #7 · answered by Wayne Z 7 · 0⤊ 0⤋