We moved from Florida to Tennessee last year. We improved house in florida before selling. We did not live in Florida house for full 24 months so we are being charged capital gains. We were told we could not claim remodeling/repair costs of house in Florida. Also when we moved to TN., after living in it for only a few months,we sold the first home(duplex)we purchased in TN.,to buy a house with a back yard.
We were informed by our tax prep lady the duplex could not be counted or we could not claim the loss on the house in Florida due to Tennessee tax laws.
Why are we unable to claim the cost of remodel on first house in Florida which includes home remodeling and cost of new water well. Can anyone help to clarify the real estate tax laws in state of Tennessee?
there are certain things you can claim on such as insulation or upgrading to green items (furnace, heaters, ect..). A little research you will find there is several things in remodeling you can use when filing.
I am in middle of remodeling and before I started I looked into these things on a tri- fold notion. Save money for one by being able to claim on my taxes, getting better efficent fixtures that are green and saves month to month on my bills, and simply to have a nice home.
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