We have discussions occasionally about whether repair and/or improvement expense might have tax advantages.
In these photos: A ’50’s vintage home with a bad water heater. Repairs required extensive remodeling. Insurance paid the bulk of the costs, but the owner wanted to go beyond simple restoration and improve the home to a modern aesthetic in the rooms affected.
What are the options on claiming uncompensated expenses? Good Question!
We can’t give TAX advice. So here is a cross link to some info given by TurboTax.com:
“When you make a home improvement, such as installing central air conditioning, adding a sunroom or replacing the roof, you can’t deduct the cost in the year you spend the money. But if you keep track of those expenses, they may help you reduce your taxes in the year you sell your house.”
See the full article at the link below:
Our advice is: There are never any questions our clients shouldn’t ask. If we can’t give the answers, we often know where to find resources for you to get them.