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Updated over 2 years ago on . Most recent reply
Tax write off question
I just bought my first house/investment property. It’s a single family home and I have about $20,000 in renovations before I sell or rent out. My question is with it being my primary residence is there any way I can write off the costs of renovations on my taxes? It is my primary residence and it wont be rented out until after all renovations are already done. Please give me advice
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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
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@Connor Vandyke There is no immediate “write off”…..the $20k gets added to cost basis, then depreciated.