Is There a Tax Deduction for Home Repair Loan expenses?

the repairs to the rental are expenses on Sch E, the interest on the loan you took to make those repairs would be an expense

anything on your personal living space is as you say maintenance and not deductible

if the sales tax you paid all year exceeds the standard on Sch A, you can certainly use that figure if you can document the amount

There was a rule that you could deduct all sales tax if you did not deduct any state income tax. I am not sure if this rule is still in effect.

Interest depends on the type of loan. For a person loan or a credit card, no. For a mortgage, maybe.

For rental property, you can deduct repairs and maintenance expenses.

If the loan is secured by the home, the interest is deductible.

For the basement apartment, all the repairs are business expenses.

unlikely to repeat the best components of the different 2 solutions. yet for #5, in case you closed in 2007, you will no longer be able to deduct even the deductible products on your 2008 return, you will ought to flow lower back and amend 2007. own loan activity and real assets taxes are deductible, no longer the different products although lots of them are advancements and the charges would properly be extra to the muse of your place, which will save you taxes in case you owe any once you sell the living house. And factors count huge form as activity for 2007. factors on a refinance must be amortized, no longer on an preliminary purchase for 2007. yet till now you run off to amend your 2007 return, be constructive the quantities are sufficient to get you any tax income. paying for a house so previous due in the 300 and sixty 5 days, it very probably won't. 8. college expenditures purely for submit-secondary training can qualify for an training credit. ok-12, no. Preschool, on condition that it qualified for a infant care deduction. And no count what the grade point, you will no longer be able to deduct the climate.

If this is the apartment you live in, you get nothing.

If this is an apartment you rent out to someone else, these are rental expenses.