I have made several upgrades, new windows, exterior doors, bathroom vanities, closet doors, baseboards, carpet, paint etc.
2006-12-13 13:04:06 · 8 answers · asked by tricia m 1 in Business & Finance ➔ Taxes ➔ United States
No, not unless you are renting your home. Even then it must generally be amortized -- depreciated over time unless categorized as ordinary repairs. But such remodeling increases your "basis" cost for calculating gain upon sale. The gain is tax-free anyway unless it exceeds $250,000 ($500,000 for married filing jointly).
2006-12-13 15:59:37 · answer #1 · answered by Anonymous · 2⤊ 1⤋
The windows and possibly the exterior doors could count as energy conservation. There is currently a credit available for a portion of those costs.
For the others, no. Some would add to the basis of the house if you sell it to calculate whether you owe taxes or not, and how much you'd owe. Some items, like paint and carpet for example, wouldn't apply there either.
2006-12-13 16:59:32 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
These expenses are not tax deductible on a current basis. However, they do increase the cost basis, which is used when selling to determine your capital gain. For example, if you paid $100,000 for the house and spent $20,000 on improvements (painting is maintenance and won't count) then your cost basis is $120,000. So, keep your receipts and enjoy your improvements.
2006-12-13 13:43:51 · answer #3 · answered by Flyboy 6 · 1⤊ 0⤋
Judy has the most correct answer. Give her the 10.
2006-12-14 00:36:57 · answer #4 · answered by jinenglish68 5 · 0⤊ 1⤋
If it is a rental property you can, but not in your own home that you live in. Consult your accountant, they will be able to advise you.
2006-12-13 13:33:17 · answer #5 · answered by Anonymous · 1⤊ 0⤋
no...but when you go to sell it than you can. If you put in energy efficient products possibly you will have to check with state you live in.
2006-12-13 13:08:43 · answer #6 · answered by linluv2001 2 · 1⤊ 0⤋
I am not an accountant but, I don't think you can. Ask a CPA or your tax advisor on that one.
2006-12-13 13:06:01 · answer #7 · answered by Anonymous · 1⤊ 1⤋
yes
2006-12-13 13:05:45 · answer #8 · answered by ? 7 · 0⤊ 2⤋