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June 6, 2019
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We financed a new foundation for our home. Is it tax deductible?

  • June 6, 2019
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Best answer by MinhT1

For a foundation on your home (residence), the cost is not tax deductible.

But this cost can be added to the cost basis of your home.

1 reply

MinhT1Answer
June 6, 2019

For a foundation on your home (residence), the cost is not tax deductible.

But this cost can be added to the cost basis of your home.

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laurenugaAuthor
June 6, 2019
Can you please elaborate? What do you mean by the cost can be added to the cost basis of my home?