Question

I am remodeling a 2nd home (it is not a rental). I have spent over $200K on materials and services. Can I deduct all costs incurred? Such as new roof & elect. upgrade?

Forum|Forum|5 years ago
May 12, 2021
1 reply
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Are services included in the allowable deductibles?

TurboTax Premier Online

Employee

This is your own second home? For personal use---not going to be used as rental property? No, none of that is deductible. Save all your records for someday when you sell the house. You can only deduct the usual homeownership stuff---mortgage interest, property tax, loan origination points and private mortgage interest.

Improvements to your own home are not deductible. They add to your cost basis for someday when you sell.

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J

jason-searsAuthor

I am so sorry! My question regarding what is deductible is for state sales tax. I am attempting to calculate the sales tax paid in 2020. Does this make a difference?