Breaking News
Home - Community - Q&A: Can we deduct expenses for home improvements?

Q&A: Can we deduct expenses for home improvements?

Question by R B: Can we deduct expenses for home improvements?
This tax season, we’d hoped to deduct expenses for home improvements. But our dishonest contractor took us for a ride last year and we couldnt get our receipts from him.We do have our copies of the cashiers receipts for the amount.. Can we deduct for the money paid out, but the job wasn’t finished?

Best answer:

Answer by Chas
No. Not for general improvements. I think there were some energy credits but without receipts you can’t prove those.

Know better? Leave your own answer in the comments!

4 comments

  1. no.

  2. No, unless you qualify for energy credits (for which you need the receipts), personal home improvements are not tax deductible. However, if part of your home produces rental income (that you claim as income on your tax return) then you could depreciate a portion of the improvements.

    The home improvements are added to your basis in the home. If you sell the house in the future, you can deduct the selling expenses and basis (which is basically your cost and improvements) from the sales price to arrive at the taxable capital gain. However, this probably will never be an issue for you as the IRS allows you to exclude $ 500,000 (if married) or $ 250,000 (if single) gain from the sale of your personal home as long as it is your primary home in 2 out of the last 5 years before the sale and you have not used the exclusion in the prior 2 years.

  3. you can if you used your home for a business

  4. The only improvements you could deduct would be those that qualify for a residential energy credit.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Wordpress SEO Plugin by SEOPressor
WordPress SEO
The owner of this website is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon properties including, but not limited to, amazon.com, endless.com, myhabit.com, smallparts.com, or amazonwireless.com.
Home Privacy Policy Terms Of Use Q&A: Can we deduct expenses for home improvements? Q&A: Can we deduct expenses for home improvements? Contact Us Affiliate Disclosure Q&A: Can we deduct expenses for home improvements? DMCA Earnings Disclaimer
Searching...