Welcome Guest. Register Now!  


Itemized Deductions Schedule-A


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-01-2011, 01:07 AM
Junior Member
 
Join Date: Feb 2011
Posts: 1
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 ??
Thank You



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-01-2011, 04:16 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
"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.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
$25,000 loss--does the deduction have to be taken? traveldana Rental Real-Estate 0 04-14-2009 03:48 PM
Casualty Loss deduction [email protected] Itemized Deductions 0 03-06-2009 05:29 PM
Section 179 deduction for passive loss luppie Rental Real-Estate 1 09-16-2007 10:54 PM
Can I claim section 179 Deduction if I have a loss in my Corporation? cstatham Depreciation 1 08-22-2007 06:45 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.