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I purchased a house Jan 2018 remolded it and decided to keep it for my family as of Aug 2018, can I claim Section 179 deduction or just MACRS depreciation for 27.5 yrs?

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Level 1
last updated ‎December 07, 2019 11:26 AM
 
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Level 12
last updated ‎December 07, 2019 11:26 AM

Personal residence = none of what you asked will apply.

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Level 12
last updated ‎December 07, 2019 11:26 AM

Personal residence = none of what you asked will apply.

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"Level Up" is a gaming function, not a real life function.

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Level 1
last updated ‎December 07, 2019 11:26 AM
Thank you I really appreciate it - The house was $345k and I put $205k of upgrade and so I’m not allowed any tax deductions - wow that’s disheartening.
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Level 15
last updated ‎December 07, 2019 11:26 AM
Why *should* the citizenship subsidize your ownership of a home ? - other than the ones that all ready exist (mortgage interest & property taxes)
Former Chump... umm.... AllStar.
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Level 15
last updated ‎December 07, 2019 11:26 AM
Back to the basic.  All income from whatever source derived is includible as gross income unless specifically exempt or excluded.  Deductions and credits, on the other hand, are matters of legislative grace.  This is especially true for non-business-related expenses.  Capital improvements could still count as basis.  There's no loss here and it should be no surprise.
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Level 15
last updated ‎December 07, 2019 11:26 AM

Keep track of all your costs to determine the basis when you need to use this publication https://www.irs.gov/publications/p523


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Level 1
last updated ‎December 07, 2019 11:26 AM
Thanks George
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Level 12
last updated ‎December 07, 2019 11:26 AM

It's not Disheartening. It's right there, in your Improvements. This is part of Asset Basis, now. Didn't it Improve that property? That isn't a Write Off; it's an Investment.

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Level 15
last updated ‎December 07, 2019 11:26 AM
"That isn't a Write Off: it's a" HOME

ex-AllStar
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