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tax question: home improvement

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Posted 02-26-2012, 07:05 AM

randallF

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PROFIT!!!!

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tax question: home improvement

hi all
Long time lurker first time poster. I read at a few tax-related or tax-advice sites and am still confused. My wife and I put in a drainage system outside our house due to some nearby flooding and dampness in one corner of the basement. This was done in 2011. It is not an energy savings improvement nor is it a repair. It is a home improvement - can we somehow deduct or get any tax savings on this improvement?
thank you ahead of time.

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02-26-2012, 07:05 AM
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02-27-2012, 08:17 AM

saladdin

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Quote from randallF

No. That's a repair maintenance cost of home ownership. Just like repairing a leaky roof. .

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02-27-2012, 05:14 PM

Brian1 L9: Master Member sinceSep 2005 Posts5,203 Reputation 979 Followers 3 + Give Rep	Do you have a business with a home office? Use wisely your power of choice. - Og Mandino Comfort is the enemy of achievement. - Farrah Gray
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03-12-2012, 11:05 AM

randallF

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Quote from saladdin

No. That's a repair maintenance cost of home ownership. Just like repairing a leaky roof. .

thanks

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03-13-2012, 03:30 AM

dealgate L7: Teacher Member sinceDec 2005 Posts2,551 Reputation 569 Followers 0 + Give Rep	I would claim it anyway for sure. Only thing that will cause issue is if you are audited, which is not likely. And even then worst case scenario is you pay back taxes and a penalty. E finita la cuccagna Politics may not be the oldest profession but the results are the same.
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03-13-2012, 05:47 AM

afratki

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Quote from dealgate

I would claim it anyway for sure. Only thing that will cause issue is if you are audited, which is not likely. And even then worst case scenario is you pay back taxes and a penalty.

^^ Terrible advice, let's break the law. It's only bad if you get caught!

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03-13-2012, 07:13 AM

saladdin

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Quote from dealgate

I would claim it anyway for sure. Only thing that will cause issue is if you are audited, which is not likely. And even then worst case scenario is you pay back taxes and a penalty.

You are advocating fraud. This what you teach your kids?

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03-13-2012, 04:21 PM

csdx L2: Beginner Member sinceJun 2011 Posts47 Reputation 50 Followers 0 + Give Rep	No, of course he wouldn't teach his kids that because he is just claiming to have kids for the deduction. It's ok because he hasn't been audited yet.
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tax question: home improvement