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Itemized Deductions Schedule-A


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Old 02-01-2011, 01:07 AM
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We bought our house in November 2008. Our house is older and was built on a concrete slab. The prior owner hired his family member to remodel the entire home. They installed new hardwood floor but failed to install it correctly. With the heavy rains in 09/10 the concrete slab had moisture and the hardwood flooring lifted. The flooring was so bad that it became dangerous and unlivable conditions. We spent $5k to replace the damage flooring. Can we deduct this as these were unlivable conditions ??
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Old 02-01-2011, 04:16 PM
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"We spent $5k to replace the damage flooring. Can we deduct this as these were unlivable conditions ??"--->No you can't deduct the replacement cost of the home;however, your home improvements, complete flooring replacement, add to the basis of your home. When you sell your home, the amount of the sale that is taxable is decreased by the amount that you paid for the replacement and any money that you spent on home improvements.



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