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Up A Creek |
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Edith, I recently bought a house that was to be ready by the end of November. I was looking forward to the tax deduction I would receive. Unfortunately, it now looks as if it won’t be ready till late January. Can I still claim any of the expenses I made on the house for this year’s taxes or am I out of luck? |
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You're out of luck. More or less.
Some of your expenses may become part of your cost basis for the property, which could make a difference some day when you sell. If the house is investment property, things are a bit different and an accountant or enrolled agent can tell you where you stand |
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Edith
Originally published on December 6, 2006 |
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