We made many home improvements ourselves. Can I claim an hourly rate on the work i did myself?
2007-02-17 03:56:43 · 4 answers · asked by country girl1 1 in Business & Finance ➔ Taxes ➔ United States
No. The work you pay for someone else to do would be added into the cost basis of the house when you sell it, reducing your taxes if you owe any on the sale. If you do it yourself, only the cost of materials are added to the cost basis. You are expected to maintain your own home.
2007-02-17 04:01:15 · answer #1 · answered by Brian G 6 · 1⤊ 0⤋
Uh....no you can't. You couldn't even claim your time if you were doing it for a charity, and certainly can't claim it for work you do for yourself.
Can I claim the time I spend doing laundry or vacuuming? Think about it......
2007-02-17 20:33:47 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
so write a bill up for joeblow company and file it away with your other papers. I aint gonna tell. can they prove you didnt pay him in cash.. can they prove you didnt pay him labor and you bought material? cuz thats what you did...
not the answer you wanted to hear but it happens.
2007-02-17 12:59:48 · answer #3 · answered by hometech02 3 · 0⤊ 1⤋
No.
2007-02-17 12:04:13 · answer #4 · answered by wildraft1 6 · 0⤊ 0⤋