2006-08-31 22:24:41 · 3 answers · asked by Anonymous in Home & Garden ➔ Maintenance & Repairs
Not deductible. Added to basis for calculating any captail gain for tax when you sell.
If you are renting the property, then repairs and maintenance are deductible but not improvements. They are added to basis in that case too.
Repairs may be deductible if due to an uninsured casualty loss, like Katrina. You then have to distinguish between restoration and improval. Lots of times you can't and it's unlikely that the IRS will get too sticky on the point. (Obviously resoration is almost always also an improvement, since it's new, but you don't have to take new-for-old into account.)
2006-08-31 22:30:43 · answer #1 · answered by Anonymous · 5⤊ 0⤋
Not generally.
However, the government has allowed for tax credits on home improvements on energy efficiency...like siding, new doors and windows, insulation, to a certain amount.
2006-09-01 07:33:43 · answer #2 · answered by Jessie P 6 · 0⤊ 0⤋
no but keep your reciepts they may become tax detec. by selling your home
2006-09-01 12:19:20 · answer #3 · answered by Ladder Captain-29 5 · 0⤊ 0⤋