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Q&A: home improvements tax deductable?

Question by Maria R: home improvements tax deductable?

Best answer:

Answer by bostonianinmo
No. You add improvements to your cost basis. This reduces your gain when you eventually sell.

What do you think? Answer below!

4 comments

  1. onlinetaxsiteswatch

    Yes. You can deduct home improvements not home repairs
    http://www.bestonlinetaxpreparation.com/Tax-Deduction.html

  2. There is no home improvement deduction, unless you took out a home equity mortgage to pay for it, then some of the mortgage interest might be deductible on the Schedule A if you were itemizing your deductions. The improvements to your home increase your basis or cost of the home, so keep the records of the improvements for future use if you ever sell your home

    Publication 936
    http://www.irs.gov/publications/p936/index.html

  3. No- unless you are putting in energy efficient widows and doors. Insulation I think also qualifies. But these are tax credits (reducing what you would owe), not deductible items that would reduce your AGI.

  4. Yes. You can deduct home improvements not home repairs

    go through the following sites which will help u in getting tax deductions

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