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O
orocovis1956
January 25, 2022
Question

I purchased an land parcel for $49K and placed a new mobile home on it valued $95K. I spent $33K dollar to improve the property. Can I claim this on my tax return?

  • January 25, 2022
  • 1 reply
  • 0 views
This a second home. The property is for personal use (not a rental property).

1 reply

V
Vanessa A
January 25, 2022

No.  Improvements to personal property are not tax deductible.  Whenever you sell the property, you will add these improvements to your cost bases, decreasing your profit on the sale.

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O
orocovis1956Author
January 25, 2022

Thank you!

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