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Archive for September 30th, 2013

Understanding Home Improvement Deductions

Home improvement deduction

Generally home improvement deductions will occur when you sell your home, based on the home improvement taxes rules and regulations. First you have to understand the difference between repairs and renovations to determine what might be eligible for tax deductions as you sell.

Repairs are those activities and projects that occur as part of normal wear and tear. For example, fixing a broken window or repainting a room would fall under the heading of repairs. They are not contributing as a capital improvement, even if they help with the overall appearance of your home.

Renovations are the types of projects and expenses that would provide home improvement tax deductions when you decided to sell.

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