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BigB
C & J are 10!
Member since 6/05 5914 total posts
Name:
Stacey
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Tax Question...
DH and I are attempting to do our own taxes this year since our tax guy died earlier in the year...anywhoooo...Are renovations on your co-op deductable and is so where does it go on the form? TIA !
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Posted 4/13/08 12:48 AM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Tax Question...
I can't really think of any renovations you can do on a co-op that could be tax deductable.
The only renovations that are tax deductable are related to energy (windows, doors, insulation, furnace, etc.)
Usually with a co-op the building is responsible for all of that.
New kitchens and bathrooms for instance, are not tax deductable.
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| Posted 4/13/08 1:06 AM |
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MissJones
I need a nap!
Member since 5/05 22150 total posts
Name:
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Re: Tax Question...
But I thought capital improvements were things like upgrades. Not that I've done so many to even contemplate using them as deductions.
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| Posted 4/13/08 8:58 AM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: Tax Question...
Posted by MissJones
But I thought capital improvements were things like upgrades. Not that I've done so many to even contemplate using them as deductions.
I think they changed that a few years ago
Now only energy related improvements are deductible
Message edited 4/13/2008 9:01:10 AM.
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| Posted 4/13/08 9:00 AM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: Tax Question...
you are better paying the 100 bucks to have someone do them for you!! This way , you know they are done correctly, and u dont have to guess!
If you need help, fm me!
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| Posted 4/13/08 3:23 PM |
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BigB
C & J are 10!
Member since 6/05 5914 total posts
Name:
Stacey
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Re: Tax Question...
Found the answer....you claim the renovations when you sell on the capital gains taxes! I knew it was something, just wasn't sure!
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| Posted 4/13/08 9:24 PM |
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