Real estate blog entries tagged with cost basis by Mari Trosclair (Allen Tate Realtors)

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Home : Blogs : Mari Trosclair : Chapel Hill NC Real Estate, Pittsboro NC Real Estate Information and More : Tag "cost basis"

cost basis: Improvement vs. Repair - 09/16/10 04:40 PM

Planning to make improvements to your home? You can include them in the cost basis of your house and thus reduce your capital gains tax if you ever sell ( be sure to keep the receipts). If you're making repairs, however, there is no tax benefit.
What's the difference?
According to the IRS, an improvement "adds to the value of your home or prolongs its life," whereas a repair keeps it in "ordinary, efficient operating condition." There is a fine line between the two, but here are some general guidelines:
Improvements:
Wallpapering Installing tile floors Replacing lighting fixtures Paving your driveway … (2 comments)

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Mari Trosclair

Pittsboro, NC

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Allen Tate Realtors

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This blog will include my musings on Chapel Hill NC and Pittsboro NC real estate, live music, sustainable building, sustainable farming, green building, equine activities, hobby farms, food...yes...everything that interests me...and hopefully, you too!

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