July 27, 2009
can I deduct home remodeling costs?
Filed under Decorating & Remodeling by
Home Improvement, Ask Remodeling Advice, Construction Advice
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Comments on can I deduct home remodeling costs?
from taxes not until you sell the house. i work ata tax place or i might say used too since the season is over but i know that you cant deduct fromit until you sell the house
I believe you can when you sell the home. If you have a home equity loan you can deduct the interest.
No. The amounts are important for determining your cost basis used to calculate your gains when you sell the home though.
Example:
Home bought for 100k, sold for 200k.
If you didn't do remodel you would have a 100k gain.
If you did a 20k remodeling your gain would be only 80k because of the higher cost basis.
usually not unless you remodel to build a home office,that you do work out of.
Yes you can deduct the cost of a furnace, new windows, anything that makes your home more energy efficient. We just did. We use H & R Block and it was their advice.
Nope. You could deduct repairs for an investment property or adjust the depreciation basis if there has been upgrades but none of that applies to your primary residence.
A very indirect way would be to get your house appraised at a higher value and borrow against it. The loan interest is deductible. But that just isn't useful.
Good Luck!