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Additional Details
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John P | We bought a house, and are remodeling it. What and how much of the remodeling expenses are tax deductible? |
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ninasgramma
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There are no deductions for remodeling expenses. There is a small energy credit available for upgrades like thermal windows or a metal roof, but these are at most a few hundred dollars.
But, to the extent your remodeling increases the value of your house, and your profit when you sell the house is no more than $250K (or $500K if married), those improvements will be tax-free since the gain is excluded from your income (normally if you have owned and lived in the home for 2 years).
So there are tax benefits to improving your home, but you do not realize those benefits until you sell your home. Keep records of home improvements since they will figure into the computation of the gain on the sale of your home. |
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Wayne Z
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Easy - None
There are some small credits available for energy efficient items such Energy Star Windows and Doors but there is no deduction for making improvements to your home. |
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bostonianinmo
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None. You can add those to the basis, however, and that will reduce any gain upon the sale of the property and therefore any tax liability (if any) when you do sell.
Some energy efficiency improvements do qualify for a tax credit though those aren't all that generous. |
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Judy1
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I'm assuming that this is or will be your residence, rather than rental property.
The only thing that might affect your tax return for the current year would be any item eligible for energy credits. For other expenses, keep the receipts - if you owe taxes when you sell the house, they might be lowered due to these expenses - otherwise they won't affect your taxes. |
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lidlwig
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if you are using a loan off your house like a home equity loan of some sort you can deduct the interest paid on it from your taxes otherwise the amount spent for the remodel goes against your cost basis
but if you are using a personal loan or a credit card there are no deductions at all |
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Bill
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None. It increases your tax basis in the house when you sell it, though, so you can exclude some of the profits. |
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PepsiLime
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Try none. If you bought the house for the purpose of reselling it, the remodeling costs will be part of the cost basis for when you go to sell it. If you bought the house to be a rental, you can expense the costs as repairs (depending on how much $$ you are talking about) or capitalizing them as fixed assets. If you bought the house to be your personal residence, then the remodeling costs will be part of your cost basis for when you sell the house in the future.
There are credits you can get for energy efficiency improvements to your house, but the expenses for them are not deductible, you just get a credit for them, and there are limits as to how much the credit is. |
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lightfoot
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That is a tough question and can depend on whether or not ur remodeling because of damage or for general upgrades. It also depends on your state.
Most banks have financial counselor that are available free of charge to members (Wachovia and BB&T defiantly have them). Make an appointment and see what they say.
Sorry to say but the tax deduction wont be incredible high regardless and immaterial if you don’t itemize.
100% way to find out…call the IRS they tell you the answer for these questions for free
(^_^) |
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elvira p
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any thing that you put in the house that are considered energy saving you can deduct it. |
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