TaxAudit Blog

My wife will be inheriting her father's home. We intend to sell our home and invest the proceeds to remodel this inherited property. What is the tax process?

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Replacing an entire roof will increase the cost basis of the home. However, any costs paid or reimbursed by an insurance are not added to the home's basis.

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In general, only mortgage interest and property taxes are deductible in the transaction year, while some expenses and fees can be added to the cost basis.

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Costs for home improvements, such as a new roof, add to the cost basis of your property and will reduce your taxable gain when you sell your home.

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Before signing on the dotted line, it’s important to understand the potential tax, liability, and equity issues of transferring your house deed to your child.

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I spent 30K on a new roof last winter after my old one collapsed under 100 inches of snow. Where do I report the cost of the roof on my taxes?

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