christine m
01-21-2008, 08:31 AM
We have made approximately $6500.00 in home improvement since January 2007.
jpr302001
01-22-2008, 02:45 PM
If you have a home based business then a portion of the improvements are deductible as part of your home office deduction. Otherwise, none are deductible.
You can get tax credits if you replaced old appliances with new energy efficient ones, though.
1) if you took a home equity loan for the improvement (even afterwards,) you can deduct the interest on the loan
2) save your receipts. When you sell your house, assuming for a profit, you may have to pay taxes on the profit you make on the house. you can deduct any improvements you made on the house from that net gain.