Seriously, we bought a real dump and have but almost 20,000 into the house so far, maybe even more. I was wondering because my house is a mess being under construction....... and paperwork is everywhere..... Should I kill myself looking for every tiny receipt or do they have a number they stop at or is it a percent??
Any info on this would really help me!
Thanks!!
2007-01-12 01:02:18 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I am going to live there but I thought you can write off some home improvements??
2007-01-12 01:19:15 · update #1
I thought if the house was unlivable you could write things off? I am talking about we didn't have toliet......or a floor...... Not a, I painted my walls or wanted a better sink.
2007-01-12 02:11:07 · update #2
There is a relatively small credit available if the "improvements" included energy efficient windows and such but home improvements are not deductable.....and never have been.
2007-01-12 01:36:00 · answer #1 · answered by Wayne Z 7 · 0⤊ 1⤋
If you got a home improvement loan to cover the costs, you can write off interest and points.
2007-01-12 01:18:22 · answer #2 · answered by crossbones668 4 · 0⤊ 0⤋
If going to live there it is limited to zero. Can write nothing off. Just add to cost of property to determine gain when you sell it. If rental then can depreciate the improvements over time - not just write-off.
2007-01-12 01:15:07 · answer #3 · answered by vegas_iwish 5 · 3⤊ 0⤋