Remodeling
Remodeling
What expences can be deducted on buying a house to remodel?
I just bought a house that needed serious renovations before moving in. Come tax time, what can be deducted, other than interest on the loan?
While the cost of some modifications can be claimed, there are some limitations. These relate to the purpose for the mods, or a qualifying event that made them necessary. One set of circumstances under which modifications could be claimed – might be related to a disability. For example, if you were to add a wheelchair ramp or something like that, you can claim that. Also, if you had damage to a house and / or garage or something similar because a natural disaster like a hurricane or tornado, you can claim these expenses for repairs, as well.
Consult your tax professional to make sure you get every deduction you’re entitled to. Good luck!
Basement Remodeling
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