Kerry M. Kerstetter, CPA (referred to as The Tax Guru by other CPAs around the country) helps capitalists, investors & small business owners win the tax game. See www.TaxGuru.org for much more detailed info.
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Tax Guru-Ker$tetter Letter
Thursday, March 09, 2006
Deducting home improvements?
Q:
Subject: home improvement - tax deductible?
Hi,I need your help, if you don't mind. Last year I remodelled my house so that I changed a sunroom (damaged by termited) to a garage. Can you tell me if I can report and get money back on refund taxes? The total cost was estimated to $9000 in home improvement.Thank you for your help.
A:
I'm not sure what kind of tax savings you are expecting here.
If the newly remodeled space is being used in a business venture, you can depreciate the remodeling costs over 39 years.
If it's not being used for any business purpose, there is no tax deduction. You need to add the remodeling costs to the cost basis of your home, which will reduce the profit when you sell it.
Any professional tax advisor should be able to help you with matters such as this.
Good luck.
Kerry Kerstetter
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 3/09/2006 11:56:00 AM Send this post:
