Can I Deducting Capital Improvement on an Owner-Occupied Property

Tax, SDIRAs & Cost Segregation

Can I Deducting Capital Improvement on an Owner-Occupied Property

Andrew PettitPro Member

Rental Property Investor · RI · Member since 2017 · 100 posts · 19 votes

Evening,

Can my parents deduct major improvements that were made on their owner-occupied property? Their AGI is $82,000 on tax YR 2022.

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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
2y
Quote from @Andrew Pettit:

Evening,

Can my parents deduct major improvements that were made on their owner-occupied property? Their AGI is $82,000 on tax YR 2022.

No.
WHen they go to sell it, they can add it back to their basis.
Note: not a CPA nor do I want to be one but I spend hours reading IRS code for my damn fund.
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Sean O'KeefePro Member
CPA | Accepting new clients | 50 States · Member since 2022 · 1k+ posts · 870 votes
2y
Quote from @Andrew Pettit:

Evening,

Can my parents deduct major improvements that were made on their owner-occupied property? Their AGI is $82,000 on tax YR 2022.
Based on what you say, no.
[email protected]628-241-0888
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Russell BrazilBusiness Member
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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
2y
No
[email protected]301-893-4635 Podcast Guest on Show #192
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