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Are home repairs tax deductible when selling?
Are home repairs tax deductible when selling? If so, what would be included?
Asked By Samuel | Fairfax, VA | 669 views | Remodeling | Created 2 years ago
Answer(4)
Amanda Courtney
REP Realty Group
Usually, no. Standard repairs like painting a room or fixing a leaky faucet are considered maintenance, and you cannot deduct them. However, capital improvements are different. If you replace the roof, add a room, or install a new HVAC system, that adds value to the home. You can add those costs to your investment basis, which might lower the taxes you owe on your profit when you sell. Always double-check with a tax professional for your specific situation.
- 2 weeks ago
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Megan Kilmer
Revest Homes, Inc. - Dream Catch Properties
They can be! You may want to talk to a tax professional. You may want to talk about a 1031 exchange if you are thinking of selling and finding a replacement property.
- 2 years ago
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Jessica Fauteux
The Fauteux Group
This is a great question for a CPA! Please let me know if you would like a recommendation for this.
- 2 months ago
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Gitta Urbainczyk PA
Gitta Sells & Associates Keller Wiliams Heritage Realty
Only if your home is an investment property
- 2 years ago
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