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Home improvement write offs in a coop

Started by gobri30
over 15 years ago
Posts: 49
Member since: Nov 2009
Discussion about
Can anyone break down what is allowable to be written off during a renovation of a coop apartment? After that, can depreciation be calculated and written off in future years? Thanks.
Response by ph41
over 15 years ago
Posts: 3390
Member since: Feb 2008

If this is not a rental property,(and since it's a coop, I am assuming it's for personal use) I think all you can do with renovations is add them to the base cost of the apartment to lower the taxable gain when you sell (and even there I am not sure ALL renovation costs would qualify.

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