Home Improvements Tax Deductions
December 16th, 2009
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Question: When using turbo-tax, where do I enter deductions for improvements and repairs on my second home?
This home is not being used as a rental.
Answer: You don’t. They are not Deductible Expenses.
Keep the receipts though. When you sell, the cost of improvemements can be added to your basis to figure how much taxable gain you have. The cost of repairs can’t be used there either – that’s a personal cost of owning the property.
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