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Can you teach me about tax refund for home improvement.?

Question by Yok Koka: Can you teach me about tax refund for home improvement.?
I don’t know much about tax return.
Can you tell me about rule the home improvement tax refund in 2011 or 2010?

How much can we get max?
What things does it call home improvement?
Do you think it is home improvement cost such as removing trees and doing gardening work by arbors.
And anything else I must know.

Thank you.

Best answer:

Answer by the tax lady
Minor gardening is not a home improvement. Even if it was full scale landscaping, it would simply add to your cost basis.

There is an upto $ 500 credit for installing super-high efficient water heaters, window, etc.

Know better? Leave your own answer in the comments!

3 comments

  1. Home improvements, with the exception of some limited deductions/credits for energy efficiency upgrades are not tax deductible. So you get no benefit when filing taxes.

    However, home improvements are added into the base cost of your house which reduces possible capital gains taxes when you sell. For example, you buy a house for $ 100,000, make $ 50,000 in home improvements and sell for $ 200,000. Without the improvements, the cap gains is sale price minus buy price or $ 200,000 – $ 100,000 = $ 100,000. But with the home improvements added in, your base price becomes the $ 100,000 buy price plus $ 50,000 improvements or $ 150,000 which lowers the capital gains to $ 50,000.

    Note however, that there is a $ 250,000 individual capital gains exemption for selling a house ($ 500,000 for a couple), so to take advantage of any of the improvements, your house would have had to increase in price at least $ 250,000/$ 500,000.

  2. None for home improvements. Go to IRS.GOV and order or download a free Pub 17 to expand your knowledge of tax data and yada. It is hard to condense three college degrees and forty years of tax experience into sound byts understandable by people who have not taken accounting and taxation and done the homework.

  3. other than energy saving devices for a minimal amount of credit, there are no refunds for home improvements
    if you make improvements on your home, for the most part they are ‘living expenses’, if you increase the size of your home, add a room, a patio etc. those will increase the value of your home, will not result in a refund

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