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What Home Improvements Are Tax Deductible?
It's no secret that finishing your basement will increase your home's value. What you may not know is the money you spend on this type of so-called capital improvement could also help lower your tax bill when you sell your house.
Tax rules let you add capital improvement expenses to the cost basis of your home. Why is that a big deal? Because a higher cost basis lowers the total profit -- capital gain, in IRS-speak -- you're required to pay taxes on. In other words, you might have a tax break coming. Here’s how to know what home improvements are tax deductible.
The tax break doesn't come into play for everyone. Most homeowners are exempted from paying taxes on the first $250,000 of profit for single filers ($500,000 for joint filers). If you move frequently, maybe it's not worth the effort to track capital improvement expenses. But if you plan to live in your house a long time or make lots of upgrades, saving receipts is a smart move.
What Home Improvements Are Tax Deductible?Some examples of home improvements you can deduct may include:
New bathroom New addition Basement finishing New furnace Master suite addition Although you may consider all the work you ... more

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