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Updated over 5 years ago on . Most recent reply
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Taxes on contract purchase
I am possibly going to be buying a house I'm currently renting. While living here I did some work to the house( new windows, new bathroom). If I buy it am I able to claim taxes on those for depreciation. Also going forward are any purchases I make for the house eligible for depreciation. The existing mortgage only has a few years left so I am going to buy on contract and try to pay at an accelerated rate. I am in IL if that matters.