We bought our first home which was a badly damaged home from Katrina. With our construction loan we fixed up the house to make it livable and moved in this month. Are any of the repairs tax deductable this year (No, we are not selling it with in six months)? Are there any other tax deductions with having our newly fixed first home?
Asked by:obscureallure
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No, you add those to the cost basis. That will reduce your gain when you sell and any capital gains taxes due at that time, if any.
You have made non-deductible improvements to your personal residence.