Inherited House - are there tax deductions for repairs/improvements? I inherited a house that's been in my possession a couple years now although I haven't lived in it and it's been vacant. It needs extensive repairs to sell it ($15000 in plumbing, electrical, pest treatment, ancient appliances need replacement). Are any/all of these repairs/replacements tax deductible after sale?
Would adding a vapor barrier and duct insulation in crawlspace be considered a repair? it is customarily done, but was not done and the heating system is not working well as a result.
Thanks,
Lynn |