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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc. |
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Deduct Upgrades for New Home Construction Individually?
Hi Everyone,
In February of this year we moved into a new home we had built. We elected to pay for several upgrades out-of-pocket which was done at closing. My question is, do we itemize these individually as expenses on our return or as one lump "new home upgrades" line item? If we itemize them, several will fall under the $2500 amount leading me to believe we can write them off in one year. This seems more desirable to me than depreciating the lump sum, but since all were paid for together at closing as part of building the home, am I allowed to itemize them individually? Thanks for any thoughts anyone has! |
#2
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home improvements
Quote:
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http://www.tomcopelandblog.com |
#3
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Thanks, Tom!
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Tags |
home, house, new construction, taxes, upgrades |
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