Can I deduct improvements made to my home?

Click stars to vote (left is low, right is high)

(No Ratings Yet)

 Loading ...

[?]
 Print This

Yes, but only after you have sold it because improvements add to the basis of your home. Remember your gain is defined as your home’s selling price, minus deductible closing costs, minus your basis. The basis is the original purchase price of the home, plus improvements, less any depreciation.

The IRS defines improvements as those items that “add to the value of your home, prolong its useful life, or adapt it to new uses” - such as putting in new plumbing or wiring or adding another bathroom.

Discussion Forum

Topic	Posts	Last Poster
Real Estate 101 - What Is A Short Sale?	3	yxvayns
My Space Page?	2	OverlandParkRealEstate
New Agent:Getting Started in RE in S. Florida - Advice?	29	DMonette
Spanish speaking agents in California?	4	CapeCodHomes
Are customers really online?	41	CapeCodHomes
Best Real Estate Blogs???.....	3	ruthrbn
A Listing and $2.00 will get you on the subway!	2	Catie10002
"I'm not going to give my house away."	13	RISORLANDO
Inexpensive Real Estate Websites	1	robertjgaffney
Is Data Integrity really That Important?	5	shelleytherealtor

Power Teams: Grasping the Agent Team Concept

Excerpt series provides insight into recently released book
RISMEDIA, May 12, 2008-Far too many real estate agents are overworked and underpaid primarily because they try to do everything themselves. They are either unaware of the agent team approach or they do not realize the benefits that such an approach can deliver both professionally and personally. In […]