can I deduct home remodeling costs?

Question

like remodeling a kitchen or putting in a new furnace.

Answer 1

Yes you can deduct the cost of a furnace, new windows, anything that makes your home more energy efficient. We just did. We use H & R Block and it was their advice.

Answer 2

You cannot deduct the costs of improvements to your personal home anywhere. If you are in the USA, you need not pay capital gains taxes on MOST profits, unless they are over a certain limit. The only way you could use your remodeling costs is to reduce those profits if they are too high.

Answer 3

Nope. You could deduct repairs for an investment property or adjust the depreciation basis if there has been upgrades but none of that applies to your primary residence.

A very indirect way would be to get your house appraised at a higher value and borrow against it. The loan interest is deductible. But that just isn't useful.

Good Luck!

Answer 4

No. The amounts are important for determining your cost basis used to calculate your gains when you sell the home though.

Example:

Home bought for 100k, sold for 200k.

If you didn't do remodel you would have a 100k gain.

If you did a 20k remodeling your gain would be only 80k because of the higher cost basis.

Answer 5

you might get energy credits from putting in new appliances or solar or wind power. you will need to sell your house to use the cost of home improvments as a tax deduction

Answer 6

usually not unless you remodel to build a home office,that you do work out of.

Answer 7

from taxes not until you sell the house. i work ata tax place or i might say used too since the season is over but i know that you cant deduct fromit until you sell the house

Answer 8

I believe you can when you sell the home. If you have a home equity loan you can deduct the interest.