Question by tonypmuzic: home repairs as a deduction on 2007 taxes?
I spent nearly $ 2,000 on home repairs before I sold a house in August 2007. Most of the cost of repairs were items that came up in my inspection where the contract with the buyer was contingent on me fixing things before the sale. This was in Virginia.
Are these expenses deductable? I’ve seen where you can deduct if for rental property to improve the value of the home. We spent an additional $ 1,000 or so painting and other improvements to assist in the sell of the house. Is any of this a deductable expense?
Answer by Brian A
At best these would be added to the basis of your house for calculating capital gains, but usually repairs are not eligible. Unless you sold your house for more than $ 250K ($ 500K) than you bought it for, you paid no capital gains tax and it is a moot point anyway.
What do you think? Answer below!