Can i claim remodeling on my home on my taxes?

January 9, 2010 by homeremodeling · 7 Comments
Filed under: United States 
Home Remodeling
tricia m asked:

I have made several upgrades, new windows, exterior doors, bathroom vanities, closet doors, baseboards, carpet, paint etc.

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Comments

7 Responses to “Can i claim remodeling on my home on my taxes?”
  1. hopefulmom says:
    January 13, 2010 at 2:23 pm

    I am not an accountant but, I don’t think you can. Ask a CPA or your tax advisor on that one. [who]

  2. linluv2001 says:
    January 15, 2010 at 6:19 am

    no…but when you go to sell it than you can. If you put in energy efficient products possibly you will have to check with state you live in. [who]

  3. Lisa says:
    January 16, 2010 at 12:15 am

    If it is a rental property you can, but not in your own home that you live in. Consult your accountant, they will be able to advise you. [who]

  4. Flyboy says:
    January 17, 2010 at 10:45 pm

    These expenses are not tax deductible on a current basis. However, they do increase the cost basis, which is used when selling to determine your capital gain. For example, if you paid $100,000 for the house and spent $20,000 on improvements (painting is maintenance and won’t count) then your cost basis is $120,000. So, keep your receipts and enjoy your improvements. [who]

  5. Andy says:
    January 18, 2010 at 3:51 am

    No, not unless you are renting your home. Even then it must generally be amortized — depreciated over time unless categorized as ordinary repairs. But such remodeling increases your “basis” cost for calculating gain upon sale. The gain is tax-free anyway unless it exceeds $250,000 ($500,000 for married filing jointly). [who]

  6. Judy says:
    January 19, 2010 at 12:12 pm

    The windows and possibly the exterior doors could count as energy conservation. There is currently a credit available for a portion of those costs.

    For the others, no. Some would add to the basis of the house if you sell it to calculate whether you owe taxes or not, and how much you’d owe. Some items, like paint and carpet for example, wouldn’t apply there either. [who]

  7. jinenglish68 says:
    January 21, 2010 at 8:26 am

    Judy has the most correct answer. Give her the 10. [who]

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