2007-02-01 23:18:55 · 8 answers · asked by Patricia H 1 in Business & Finance ➔ Taxes ➔ United States
no. repairs and improvements would add to the cost basis of your home and reduce any potential gain on future sale.
2007-02-01 23:27:15 · answer #1 · answered by tma 6 · 0⤊ 1⤋
If this is a single family home, you are not able to deduct any repairs to the house, you will be able to account for them when you sell the house in the future.
If you have a multi-family home, then the repairs done to the rental apartments are deductible in your taxes.
Before you go to a tax preparer that will deduct personal repairs to your home, to get a bigger refund, remember you are the one signing the return and liable to pay back if the return is done incorrectly even if it was not your fault.
2007-02-02 00:55:58 · answer #2 · answered by yarrie15 2 · 2⤊ 0⤋
If this is your principle residence, you probably will not be able
to ever claim repairs. On improvements, keep your original
receipts and canceled checks. When you sell it, as your principal residence, the improvements will add to how much you have tied up in the home. Therefore reducing any gain when you sell.
2007-02-01 23:34:24 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Repairs and improvements to your personal residence are not tax deductible.
Improvements to your home, such as a room addition, new bathroom, or new roof, are added to the original cost of your home. This total is the basis of your home.
The basis of your home can be deducted over time if your home is converted to business use.
2007-02-01 23:26:21 · answer #4 · answered by ninasgramma 7 · 1⤊ 0⤋
No, you cannot deduct repairs and improvements. Only mortgage interest and real estate taxes are deductible.
Home improvements are added to your cost basis to reduce your gain when you sell.
Repairs have no tax impact, they are personal expenses and are not deductible and do not affect your cost basis.
2007-02-01 23:30:43 · answer #5 · answered by Bostonian In MO 7 · 2⤊ 0⤋
YES, but keep in mind there are only certain things you can claim on your taxes. I have an accountant do my taxes every year. It IS well WORTH the $150.00 I pay her to do them. They know every single thing I can and can't do. I have gotten back several thousand every year since I purchased my own home. Have been using the accountant since 2001 when I bought my home. Good Luck.
2007-02-01 23:29:28 · answer #6 · answered by GRUMPY 7 · 0⤊ 4⤋
Last year I tried to do that but was told I had to wait until I sold the house before I could use it on taxes. Just keep all of your receipts. Maybe, it's changed again?
2007-02-01 23:23:51 · answer #7 · answered by holliemay 2 · 0⤊ 3⤋
I believe you can only if you are a first time buyer.
2007-02-01 23:26:58 · answer #8 · answered by thisisraya 3 · 0⤊ 4⤋