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Financial Planning / Tax Strategies


Subject:  Re: deductible home improvements? Date:  8/25/2001  11:52 PM
Author:  ptheland Number:  53571 of 127516

A friend suggested I may be able to deduct some of my recent remodeling costs on this year's taxes -- I'm not sure how. They couldn't explain why, and I can't think of a reason this would be true.

I'm assuming that these are major remodeling costs, not simple repairs to the property. If the remodeling was for the basement apartment, I'd say it could be depreciated as improvements to the rental unit. If the improvements were elsewhere in the house, they add to the basis of your personal residence, possibly reducing a taxable gain in the future.

Either way, you want to keep track of them, as they affect your taxes in some tax year - either currently or in the future.

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