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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.
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