I purchased a house Jan 2018 remolded it and decided to keep it for my family as of Aug 2018, can I claim Section 179 deduction or just MACRS depreciation for 27.5 yrs?

Forum|Forum|6 years ago
December 7, 2019
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Best answer by qbteachmt

Personal residence = none of what you asked will apply.

qbteachmtAnswer

Level 15

Personal residence = none of what you asked will apply.

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T

taxes1Author

Level 2

Thank you I really appreciate it - The house was $345k and I put $205k of upgrade and so I’m not allowed any tax deductions - wow that’s disheartening.

George4Tacks

Level 15

Keep track of all your costs to determine the basis when you need to use this publication https://www.irs.gov/publications/p523

Answers are easy. Questions are hard!

T

taxes1Author

Level 2

Thanks George

qbteachmt

Level 15

It's not Disheartening. It's right there, in your Improvements. This is part of Asset Basis, now. Didn't it Improve that property? That isn't a Write Off; it's an Investment.

Don't yell at us; we're volunteers

George4Tacks

Level 15

"That isn't a Write Off: it's a" HOME

Answers are easy. Questions are hard!

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