Improve Your Home and Reduce Your Taxes!

Written by admin on June 29, 2013. Posted in Home improvement deduction, Home improvement deductions

Home improvement taxes

Home improvement taxes are not hard to come by.

Although it may sound too good to be true, there are plenty of home improvement repairs that you can make on your home which may wind up being deductible come tax season, due to their costs. Let us go through the process together, and break down all of the subtle distinctions of home improvement deductions…

1. Improvement Vs. Repair. When it comes to taxes, money you spend on your home can be broken into two categories, improvements and repairs. When figuring out your home improvement taxes, you will add the the cost of improvements to the tax basis of your house.

This tax basis is what you will wind up subtracting from the sales price to find out how much you will profit. A Continue Reading | 5 Comments