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Old 26.11.2017, 15:28
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Tax deduction on new house purchase

Hi all,
I wanted some basic info on tax deductions for new house purchase, before to seat with my tax advisor.

Here are the questions:
- I understand that for a few years I cannot make tax deductions on maintenance. Do you know for how many years? Any kind of work can be deducted?
- For any additional work on the property, I was told to keep receipts to out weight taxes when the house is sold. But can I deduct from taxes now for any of that work? E.g. making improvements in the basement?
- does any work cost like tools for gardening, gardening by itself considered as property improvement costs?
- any other tip to save on taxes?

Thanks.
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Old 26.11.2017, 16:01
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Re: Tax deduction on new house purchase

Quote:
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- I understand that for a few years I cannot make tax deductions on maintenance. Do you know for how many years?
Zero in general, unless your canton has some special rules about it

Quote:
For any additional work on the property, I was told to keep receipts to out weight taxes when the house is sold. But can I deduct from taxes now for any of that work? E.g. making improvements in the basement?
Yes, sure. And whatever you can't deduct now as maintenance from income taxes, you should be able to deduct later from cost basis for capital gains taxes. Yes, keep all the receipts - it's up to you to prove that the work was done and how much it costed.

Quote:
- does any work cost like tools for gardening, gardening by itself considered as property improvement costs?
Tools are not deductible, only the material. Your own labor neither, just the work by a contracted third party
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