Example - addition on my house.
2007-09-25 08:49:39 · 6 answers · asked by MLB 2 in Business & Finance ➔ Taxes ➔ United States
Can't provide you with any IRS links because there aren't any deductions that you can take for capital improvements to your house. If it's a rental property that's a different story. You would capitalize the improvements and depreciate them. There are credits for energy related improvements (windows, doors, insulation, etc) that were for 2006, but are also for 2007 as well.
2007-09-25 11:18:52 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Still? No, and this isn't new so I'm not sure what you mean by "STILL".
You can't deduct improvements in the year you make them, but save your receipts - if you owe any capital gains tax when you sell, the cost of improvements can be added to your basis so that would decrease your capital gains tax on the sale if you owe any.
2007-09-25 17:00:03 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Capital improvements were never something that you were allowed to deduct. However, they do increase your "basis", thereby reducing your taxable gain when you sell.
2007-09-25 19:36:39 · answer #3 · answered by StephenWeinstein 7 · 0⤊ 0⤋
Can you still?
You can not deduct and, as far as I know you never could deduct, home improvements.
2007-09-25 16:06:21 · answer #4 · answered by Wayne Z 7 · 2⤊ 0⤋
As I was told , they can be added to your cost basis
When you sell .
I have never heard of writing them off prior to the sale .
Have you been doing this ?
On what form ? Line ?
>
2007-09-25 15:55:10 · answer #5 · answered by kate 7 · 1⤊ 0⤋
No, you cannot.
2007-09-25 16:03:41 · answer #6 · answered by CPA/PFS 2 · 1⤊ 0⤋