This past year I bought a condo near the beach. I've updated and spent about 15k in materials. Are any of these tax deductible? All cosmetic stuff, cabinets, counters, floors, paint etc....
Is this a rental, vacation home, flip?
If this is a vacation/second residence, then not deductible. Rather, all improvements are added to your tax basis. At a later date, if you decide to rent the property out, your depreciation will be larger as a result of the increase to your basis. Similarly if you sell the property at a later date, you would owe less taxes because your tax basis increased by 15k.
Thanks guys. This is a second home.