Tag Archives: sell

When doing taxes can you deduct home improvement expenses every year or only the year you sell?

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?

Best answer:

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.

Know better? Leave your own answer in the comments!

Is it legal to sell a home improvement contract if im uninsured, and dont have a Contractors licence.?

Question by JOE: Is it legal to sell a home improvement contract if im uninsured, and dont have a Contractors licence.?
I plan to sub-contract the work to a company that is insured, and has all the propper documentation. I was curious if it is legal to do this in my state (MA)
thank you
-Joe

Best answer:

Answer by Damocles
No. Contractors, even those who subcontract every part of a job, have to be licensed and bonded. If you will be getting paid you will also need a business license.

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