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Wednesday 19 August 2020

Tax write offs for remodeling an apartment that I rented and receivd zero rembursement from?

Willa Holte: No, it wasn't "donated in a way" that would be tax deductible. And no you can't deduct any of it on your tax return.

Jude Kennelly: You can't write it off... And sadly, she doesn't have to report it as income, either, unless you did the remodeling in lieu of rent.You can only write off losses if it's a trade or business expense, not personal, and you can only deduct charitable donations if it's a 501(c)(3) charity.I'm sorry for your situation, though - that really sucks....Show more

Julee Lanham: No way.As for donation, that does not fall under a Qualified Charity.You Just gave your friend a gift.Jaysus, did you not even get free rent?...Show more

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