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Claiming tax-returns or exemptions on home repairs?
How would such a thing work? I've heard that if you make repairs to the property that you can claim exemptions on taxes and get the a percentage of the repairs back come tax season?
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Jon Holdman
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Jon Holdman#3 Real Estate Deal Analysis & Advice Contributor
#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
My strong recommendation is that you work with your CPA to sort this out. I do that even for my rentals. When you have an owner occupied multiplex, it gets even more complex. But yes, I believe that is correct. If you make repairs to your unit, you cannot deduct those. If you make the same repair to one of the rental units, you can deduct those.