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April 7, 2022
Question

I purchased a 1887 building as an investment. Needs renovating. Can I deduct the cost of the building or any other updates made?

  • April 7, 2022
  • 1 reply
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1 reply

Carl11_2
Employee
April 8, 2022

Are you "in the business" of flipping property?  Are you now, or are you planning to rent out the property at any time during your ownership of the property?

Basically, your renovation costs are not deductible per-se. They add to your cost basis in the property.