2006-12-29 04:36:05 · 3 answers · asked by cubsfantl 2 in Business & Finance ➔ Taxes ➔ United States
No tax deduction -- yet. Your payback comes when you sell the house and can add the cost of improvements to your basis.
2006-12-29 04:39:11 · answer #1 · answered by fastfrank7 5 · 0⤊ 1⤋
Certain energy saving expenditures may be eligible for a tax credit. New plumbing probably does not qualify for that, though.
There is no general deduction for home improvements, however it might be usable to increase your cost basis when you go to sell.
2006-12-29 04:40:12 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 1⤋
Your f'riend is wrong, unless it's rental property you own and are renting out. If it's your personal residence, it isn't deductible. Keep the receipts though, and if you owe capital gains tax when you sell the home, it will reduce the gain and therefore the tax.
2016-03-13 23:20:34 · answer #3 · answered by Anonymous · 0⤊ 0⤋