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.
Know better? Leave your own answer in the comments!
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)
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.
What do you think? Answer below!