Question by Erin: When doing taxes can you deduct home improvement expenses every year or only the year you sell?
I was told that you could deduct home improvement expenses until the year you sold your house. Is this true?
Answer by dustoff
You don’t “deduct” them at all. When you sell, the cost of improvements can be used to adjust your acquisition cost basis – which will decrease any capital gain tax due.
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Question by R B: Can we deduct expenses for home improvements?
This tax season, we’d hoped to deduct expenses for home improvements. But our dishonest contractor took us for a ride last year and we couldnt get our receipts from him.We do have our copies of the cashiers receipts for the amount.. Can we deduct for the money paid out, but the job wasn’t finished?
Answer by Chas
No. Not for general improvements. I think there were some energy credits but without receipts you can’t prove those.
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