Quote:
|
Originally Posted by IA_Chiefs_fan
I just went through everything on Turbo Tax and it was fairly simple. One question I had though is pertaining to home improvements and my new mortgage. I spent $13,000 on a new roof and chimney but I couldn't find any place to take advantage of this. Is this an expense that should help with my taxes? Also, it asked me for fees associated with the refinance of my rental home but not fees associated with the mortgage on my newly purchased home. Should there be a place to take advantage of that as well?
|
If it's not the rental the $13K isn't tax deductible. It is, however, allowed as a reduction in capital gains if you were to sell your house and you're over the 250K/500K CG threshold (there is a limit on the time-frame that you can take advantage of the improvements). Not sure about the fee part as I haven't dealt with that. What fees were they referring to? Closing costs, etc.?