Go to Jeff Salisbury LWGate Home Page.From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: taxe deduction for renovations
Date: Tue, 26 Jan 1999 23:40:06 -0500
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>I live in NC and would like to hear from anyone who is knowledgable on >the following situation. Is money spent for home renovations [$65K] tax >deductible? They aren't. >The renovations were performed in 1997 and 1998. If >deductible, is it 100% deductible and in what year? The check for >payment was written in 1998. It doesn't matter, because they aren't deductible. >Or, is a deduction only good when the >property is sold? Thanks for any help. David Renovations increase basis, thereby reducing gain on sale. Of course, with the new rules allowing the exclusion of up to $250,000 ($500,000 if MFJ), there probably won't be any tax on the gain and so home renovations don't really have any tax benefit for most people any more. Rich Carreiro rlcarr@animato.pn.com P5-100/RedHat Linux 4.2 - -
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