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Home Repair Write-offs - Minnesota

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D

dlage

Guest
I purchased a townhouse that needed new carpet through-out & interior doors. Also some other misc. repairs. Is any of that deductible on my taxes.
 


L

loku

Guest
Townhouse renovations

No improvements to your personal residence are not deductible. The cost of permanent improvements is added to you basis in the residence and will reduce any gain you make when you sell it. The exception would be that if you borrow money for improvements, and secure the debt with a mortgage on the home, the interest from the mortgage is usually deductible as home mortgage interest.

 

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