Question

I sold my home

Forum|Forum|2 years ago
April 15, 2024
1 reply
0 views

I sold my home and I have more than 500000 in gains can I deduct all the improvements that I made on the home like bathroom, kitchen, roof, patio? and use that to reduce my gains?,

M

MayaD

Yes. Capital improvements that adds value to your home, prolongs its life, or adapts it to new uses can be added to the cost basis of your home and subtracted from the sales price to determine the amount of your profit.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"