developing a basement tax deductable?
I am currently developing my basement for the purpose of adding additional living space for friends and family who come over to our residents.
I have added a shower, bedroom, and study area to my undeveloped basement.
My question is would these renovations and construction costs be allowed to be deducted from my income as a Capital Expense, or is there an allowance attributable for the amount one is allowed to spend on building renovations.
Thanks for the help.
- 7 years agoFavorite Answer
Not sure about this because different country has different rules for the capital expense.
Go to nearer income tax office or search locally for that.
You will definitely get your answer...!!!Source(s): The Matrix Basement Finishing system Chicago