2007-02-06 08:55:59 · 5 answers · asked by Maria R 2 in Business & Finance ➔ Taxes ➔ United States
There is no home improvement deduction, unless you took out a home equity mortgage to pay for it, then some of the mortgage interest might be deductible on the Schedule A if you were itemizing your deductions. The improvements to your home increase your basis or cost of the home, so keep the records of the improvements for future use if you ever sell your home
Publication 936
http://www.irs.gov/publications/p936/index.html
2007-02-06 09:02:28 · answer #1 · answered by Anonymous · 3⤊ 0⤋
Yes. You can deduct home improvements not home repairs
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2007-02-09 22:29:10 · answer #2 · answered by rachel c 1 · 0⤊ 0⤋
Yes. You can deduct home improvements not home repairs
http://www.bestonlinetaxpreparation.com/Tax-Deduction.html
2007-02-06 09:02:00 · answer #3 · answered by onlinetaxsiteswatch 2 · 0⤊ 2⤋
No- unless you are putting in energy efficient widows and doors. Insulation I think also qualifies. But these are tax credits (reducing what you would owe), not deductible items that would reduce your AGI.
2007-02-06 09:06:05 · answer #4 · answered by kam 5 · 0⤊ 1⤋
No. You add improvements to your cost basis. This reduces your gain when you eventually sell.
2007-02-06 08:59:30 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 2⤋