From kitchen and bath remodeling to new decks or room additions, people are renovating their homes. April 15th, Income Tax Filing Day, is also rapidly approaching and believe it or not those two things go very much hand in hand. Keeping up with your receipts for all expenses of renovation work could mean a tax savings. Any improvement you make to your home increases its value, and therefore increases your investment in the house. As you fix up, add on and remodel, it’s important that you keep a detailed record of the work, including receipts for all related costs because this documents your added investment. And because your investment is greater now, your profit will be lower at the time of resale. If your gain is less, the taxes paid will be, too.
- Other Rooms
- Lawn & Garden
- Deck & Patio
- Repair & Install
Improvement MonthBy: Danny Lipford
In categories: Tips for Today's Homeowner
Please Leave a Comment
We want to hear from you! In addition to posting comments on articles and videos, you can also send your comments and questions to us on our contact page or at (800) 946-4420. While we can't answer them all, we may use your question on our Today's Homeowner radio or TV show, or online at todayshomeowner.com.