Message Font: Serif | Sans-Serif
 
No. of Recommendations: 1
So home improvements are deductible on yearly taxes?

Lack of quoting got you down?

Rosewine had the answer. For your personal residence they're not deductible. Maintenance never has tax consequence. Improvements add to basis, which reduces your gain when you sell. See IRS Publications 523 and 551.

Folks, this is what happens when antecedents disappear from responses and people can't tell what you're talking about. In this case, all the sudden there was chat about rental property, which has completely different rules, but it was not clear that was the subject.

Phil
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement