What kind of improvement expenses can I deduct when I sell a house I inherited a year ago?

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For example paint, lawn improvement, kitchen, bath remodel etc.

2 Responses to “What kind of improvement expenses can I deduct when I sell a house I inherited a year ago?”

Tim Says:
November 15th, 2009 at 5:05 pm
It all depends.

What has the home been used for in the past year? If a rental, the expenses of maintaining/repairing can be deductible.

If you have lived in the home it may be a moot point due to capital gains. Paint, lawn improvement, etc are not capital improvements that would reduce the capital gain. They are normal maintenance items.
budhah1 Says:
November 17th, 2009 at 7:44 am
Any expense you put into the house is an expense as it is added to the basis of the cost of the house. The house basis is what it was worth the day that you inherited it. If you put paint roof drive kitchen or anything into the unit to improve it. then it is an expense…. I doubt that you will have to worry about it being worth more now than it was worth a year ago,, Find an appraiser that will give you a high appraisal for last year, and then sell it for less will make it a loss, and no taxes paid at all. Most property is not worth what it was last year according to so many pundits on TV.