can you deduct home improvement cost on your taxs
2007-02-22 11:43:16 · 5 answers · asked by Robin T 1 in Business & Finance ➔ Taxes ➔ United States
no. home improvement costs would add to the cost of your home and increase your basis.
they are not tax deductible.
2007-02-22 11:49:07 · answer #1 · answered by tma 6 · 0⤊ 0⤋
Not as a deduction.
Only as an increase in your "basis" or cost.
However, if you rent out a portion of your home, you can depreciate the portion that is associated with the rental (usually over a period of 27 years).
If however, you do not rent any portion of it, all the improvements do is increase the cost of your home. When you sell your home, all of the improvements you have made
increase the basis of that home. Therefore the profit you make on the sale has been reduced by the cost of these improvements.
2007-02-22 11:54:04 · answer #2 · answered by bold4bs 4 · 1⤊ 0⤋
No. You add home improvement costs to the basis of your home. This will reduce the gain when you eventually sell your home.
2007-02-22 11:50:19 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
If you took out a home-improvement loan, the interest you pay on that will go on the Schedule A as "other interest."
If you put in energy-efficient insulation or other improvements that save energy, you might qualify for an energy credit on the return.
2007-02-22 16:07:55 · answer #4 · answered by Anonymous · 0⤊ 1⤋
No, but you might be able to add them to your basis for when you sell, to cut any taxes that you owe on the sale.
2007-02-22 11:49:16 · answer #5 · answered by Judy 7 · 1⤊ 0⤋