Home improvement tax deduction?
newly preg asked:
I’m considering upgrading our formica countertops to granite and installing vinyl fencing to enclose our backyard. Would this count as a home improvement and would I be able to deduct this on next year’s taxes or only when I sell the home?
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I just bought a home and did a ton of home improvements. People always told me to save the receipts because when you SELL the home you will be able to deduct it from the taxes you may pay on the gains.
While living at your home, you can only deduct home improvements that actually help insulate the house. Like, exterior doors, roof, duct work, new furnace. Everything else, you can deduct when you sell it. Keep all receipts to ANY improvements…. I made the mistake of throwing out a few I could’ve deducted.