2007-12-02 23:10:12 · 4 answers · asked by Be Saved II 1 in Business & Finance ➔ Taxes ➔ United States
No. However you need to keep track of the expenses as they will increase your cost basis and therefore any gain when you sell. Reducing the gain at sale time would reduce any capital gains taxes should any be due at that time.
Although there is an exclusion from tax of the gain on sale of a personal residence in most cases, if you own the home for less than the required 2 years or convert it to a rental property some tax could be due and any home improvement costs will serve to reduce that tax.
Even if you have a home based business or home office the same rule applies, contrary to what another poster incorrectly claims. Home improvements can ONLY be used to increase your cost basis.
2007-12-02 23:34:21 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Generally no, but you may be able to claim a tax credit if these improvements increased the energy efficiency of your house (windows, high-efficiency heating A/C units, etc).
2007-12-03 01:56:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You particularly are maximum appropriate relating to the exemption of 500k for a married couple. even though it extremely is a provision that became offered by using congress. The congress can giveth and that they might taketh. Who is familiar with what they are going to do. conserving such information is often a stable theory.*
2016-11-13 08:46:58 · answer #3 · answered by ? 4 · 0⤊ 0⤋
only if you have a home business or home office
2007-12-02 23:12:11 · answer #4 · answered by dawson_brister 3 · 0⤊ 1⤋