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?

8 replies
54 views

No text available

ProConnect Tax Online

This topic has been closed for replies.

qbteachmtAnswer

Level 15

Personal residence = none of what you asked will apply.

Don't yell at us; we're volunteers

qbteachmtAnswer

Level 15

Personal residence = none of what you asked will apply.

Don't yell at us; we're volunteers

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!

Sign up

Login with SSO

Let's get you signed in

Login with SSO